MCA Taking Bids on $500 Million Commercial Portfolio

Mission Capital Advisors is taking bids on what is roughly a $500 million sub- and nonperforming commercial mortgage loan portfolio. Collateral types securing the loans include multifamily, office, student housing, condominiums, marina, industrial, residential and commercial land, medical office and bank stocks. Properties are located in various parts of Florida, Illinois, Wisconsin, Arizona, Colorado, New Jersey, Kansas, Minnesota, Indiana, North Carolina, Nevada, Ohio, Missouri and Virginia. The loan pools are broken down by region with the largest portfolios located in Florida, Illinois and Wisconsin. On behalf of an unidentified seller, Mission Capital is initially soliciting indicative bids on May 27 for the purchase of individual loan pools, any combination of loan pools or the entire portfolio. The top 15 single assets by size range between $8 million and $36 million each and represent 55% of the entire portfolio, for a total balance of about $278 million. Many of the loans have recent appraisals, which will be provided to investors. The sale must be completed prior to quarter end; investors will be required to finalize loan sale agreements prior to the final bid date on June 16.