CBRE Capital Markets announced that its National Loan & Portfolio Sale Advisorsteam exclusively advised an institutional credit fund on the sale of a national portfolio of performing, floating rate loans with an unpaid principal balance (UPB) totaling approximately $270 Million.
The portfolio consisted of eight (8) senior and subordinate loans secured by office, retail, multifamily and hospitality assets across the United States. The average unpaid mortgage balance was $34 million per credit, and the portfolio in aggregate exhibited modest leverage, lender-friendly debt structures, credit enhancement and strong sponsorship.
Patrick Arangio andJack Howard - out of CBRE’s Midtown Manhattan office, andKurt Altvater- out of CBRE’s San Francisco office, exclusively advised the seller. The transaction was completed within eight weeks, from commencement to close. The portfolio was sold to two buyers, a West Coast credit fund and a Midwest pension fund, to maximize proceeds.
“This was a large and complex transaction necessitating a national marketing effort and the cooperation of multiple parties. We were able to leverage our extensive, recent performing loan sale experience, in-depth market knowledge and institutional relationships to achieve intense competition and pricing,” said Mr. Arangio, Vice Chairman, CBRE Capital Markets. “These are high-quality loans, with well-secured assets and will be accretive investments for the buyers.” ??
CBRE’s National Loan & Portfolio Sale Advisors are the market leader in mortgage loan sale executions in the secondary market and have sold more than $5 billion of performing loans over the past three years. Clients have included domestic and foreign banks, insurance companies, investment banks, mortgage REITs, debt funds, private equity and government agencies. Individual loan and portfolio sizes have ranged from less than $1 million to ~$3 billion.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
