Milestone Advisors plans to auction off a $275 million package of nonperforming acquisition, development and construction loans, a pool that is heavily weighted toward California. The loans — some of which involve foreclosures and bankruptcies — were used to fund residential and commercial projects. Milestone would not identify the seller but said it is a "western regional financial institution" seeking to liquidate assets. The investment banking and advisory firm said it is now qualifying prospective bidders and hopes to sell the loans by yearend.
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