DebtX is selling $416 million in performing and non-performing loans for 14 financial institutions and the U.S. Department of Housing and Urban Development (HUD).
“DebtX’s upcoming sales reflect robust demand for performing and non-performing loans from investors around the world,” DebtX CEO Kingsley Greenland said in a statement. “For financial institutions, it is an opportune time to sell.”
Among the pools to be sold through December:
A $86.6 million offering from HUD. The sale consists of nonperforming loans for multifamily and healthcare facilities in 11 states. DebtX is offering the sale on behalf of KEMA Advisors. Bids will be accepted on Wednesday, Dec. 14 by 1 p.m. Eastern.
A $83.8 million offering from a top-tier investment bank. The sale consists of performing loans collateralized by commercial and multifamily properties across the U.S. Bids will be accepted on Thursday, Dec. 15 by 2 p.m. Eastern.
A $63.3 million offering for a top-tier U.S. bank. The sale consists of nonperforming loans collateralized by commercial real estate throughout the U.S. Bids will be accepted on Wednesday, Dec. 21 by 2 p.m. Eastern.
A $33.5 million offering for a top-tier U.S. bank. The sale consists of a single, nonperforming loan collateralized by commercial real estate in Massachusetts. Bids will be accepted on Tuesday, Dec. 6 by 2 p.m. Eastern.
A $39.4 million offering for a regional bank in the West. The sale consists of seasoned performing and non-performing loans in California, Colorado, Iowa and Oregon. The loans are collateralized by multifamily, retail, office, mixed-use and residential properties in addition to land. Bids will be accepted on Thursday, Dec. 8 by 2 p.m. Eastern.
Auction.com Preps Another Nevada Auction
Auction.com announced a second large Nevada Commercial Real Estate auction, scheduled for February 13-15, 2012.
This new auction follows the successful May 2011 Commercial Real Estate and Non-Performing Loan auction it hosted that culminated in the sale of $545 million of assets and millions paid in referrals to brokers representing buyers in this event.
For the February 2012 auction event, Auction.com is inviting brokers to include commercial real estate properties they represent and owners looking to sell their properties to eager buyers in Nevada, the U.S. and worldwide.
Auction.com is soliciting properties from Nevada, Arizona and Colorado to feature in the event.
HFF Closes REO Sale of Orlando Mixed-Use Property
HFF closed the sale of a portion of Orlando’s Veranda Park mixed-use development comprised of building 4000, ground floor commercial space in buildings 7000 and 8000 and undeveloped land.
Geosam Capital Inc., a private investment group based out of Toronto, purchased the property for an undisclosed price.
Veranda Park is a mixed-use town center property located in Orlando’s metrowest submarket, about nine miles west of downtown Orlando. The offering was comprised of the remaining 118 unsold residential condominiums in building 4000; +/-66,000 sq. ft. of retail space in buildings 7000 and 8000, the majority of which remains unleased; and an 11.7-acre development site zoned for multi-housing, retail, office or hotel development.
Tikjian Sells Distressed Indianapolis Multifamily Property
Tikijian Associates arranged the sale of Chesapeake Landing, a 478-unit apartment community located in Indianapolis.
Tikijian Associates represented the property’s lender, GE Capital Real Estate, and Indianapolis-based Buckingham Companies Inc., the receiver appointed during the lender’s mortgage foreclosure. Buckingham had managed the property since its appointment as receiver in September, 2010.
The buyer was the Embassy Group, a New York-based owner of multifamily properties in Indiana and several eastern and southeastern states. The new owner has renamed the property Astoria Park Apartments and has already begun a renovation.
Major improvements will include new landscaping and signage, an upgrade of the fitness center, repair and painting of building exteriors, installation of new windows and sliding glass doors, refurbishment of patios and balconies and beautification of the property’s four lakes. Indianapolis-based Barrett & Stokely Inc. is serving as manager and overseeing the property’s rehab for the new owner. Financing for the acquisition was arranged through the New York office of Berkadia.
Scott Brenner Named Receiver for Several Palm Beach Assets
Brenner Real Estate Group’s Scott Brenner, president/broker, in recent months has been awarded a court-appointed property management agreement in Miami-Dade County, a property management agreement in Vero Beach, Fla., as well as two court-appointed receivership assignment in Palm Beach County, Fla.
On June 28, the Circuit Court of the 11th Judicial Circuit in and for Miami-Dade County assigned Brenner as property manager for an eight-unit apartment complex located at 5500 North Miami Avenue, Miami. The property owner is M. Marroquin LLC. Brenner will provide property management services for special servicer Cohen Financial on behalf of mortgagee Deutsche Bank National Trust Co. as trustee for the registered holders of Impac Secured Assets Corp. Mortgage Pass-through Certificates Series 2006-1.
On October 27, the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach, County, appointed Brenner as receiver for a six-unit apartment complex at 800 Clubhouse Drive in West Palm Beach. Brenner will provide receivership services including asset stabilization and property management for special servicer Cohen Financial on behalf of mortgagee Deutsche Bank National Trust Company as Trustee for the registered holders of Impac Secured Assets Corp. Mortgage Pass-through Certificates Series 2006-1.
On November 16, the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County appointed Brenner as receiver for four one-story buildings containing 20 apartment unit owned by AMG Investment Properties LLC in Jupiter. Brenner will provide receivership services including asset stabilization and property management on behalf of Mortgagee SOF-VIII-FT MISC.1, LLC.
Lastly, on November 29, Brenner Real Estate Group was selected to provide property management services for Security Bank for its REO property America’s Best Value Inn, a 118-room, two-story hotel in Vero Beach.
Dalfen America Corp. Acquires REO Industrial Property in Tennessee
Dalfen America Corp. acquired the Trinity Ridge Business Center in Cordova, Tenn.
Built between 1998 and 2007, this eight-building industrial park totals 234,000 sq. ft. In 2007, Trinity Ridge Business Center was acquired by DBSI Inc. for $22.9 million. The property was foreclosed on last year and the loan servicer, LNR Partners LLC, sold the property to Dalfen America Corp for $7.2 million.
Bluett & Associates Directs Sale of Oakland Tribune Building
Bluett & Associates, a national commercial real estate firm headquartered in Sacramento, Calif., has completed the sale of the historic 85,000-sq.-ft. Oakland Tribune building in Oakland, Calif. The building was sold out of receivership for a base price of $8 million to CallSocket L.P., a company that intends to establish an international call center at the building and create 2,300 new jobs in Oakland over the next three years.
Lori Bluett, president of Bluett & Associates, represented the seller, special servicer Torchlight Investors. The buyer, CallSocket, LP, was represented by CB Richard Ellis brokers David Noravian, Hyoung Chon and Robert Newstead.
The building was collateralized by a $10.3 million securitized loan that was transferred to Torchlight in December 2009 after the borrower defaulted. Bluett was subsequently appointed as receiver in November 2010 and took control of all aspects of the property’s operation.
Bluett & Associates will be staying on to manage the asset.
As part of the sale, CallSocket signed a lease for 45 percent of the building, with plans to open an international call center. In addition, CallSocket will work in partnership with the San Francisco Regional Center LLC to create up to 2,000 additional jobs over the next two to three years in multiple businesses.
Through the receivership sale, the buyer was able to assume and restructure the existing debt using an A/B note structure. This assumption via receivership sale structure is being used by various lenders to minimize their losses on defaulted loans and broaden the buyer pools, according to Bluett.
The buyer assumed an A-note for a majority of the price of the building, and the A-note has the same interest rate of the original loan. The balance of the original loan was partitioned into a non-interest bearing B-note. If the asset is sold or the loan is refinanced, the B-note will be repaid by an amount equal to 50 percent of the gross proceeds, less a 12.5 percent return for the buyer’s initial equity, as well as all money spent on capital improvements during the term of the loan.
McKinley Appointed Receiver for Virginia Property
McKinley’s Commercial Client Services is announced that the Circuit Court for York County, Virginia has appointed McKinley the receiver for Palace Plaza, a 23,000-sq.-ft. retail center in Williamsburg, Va.