Newmark Grubb Knight Frank closed the sale of a $105 million loan secured by a 500+ room, full-service hotel.
NGKF’s Andrew Phillips, managing director in New York, led the team that marketed the single-asset loan. In addition, Sam Winterbottom, senior managing director in Atlanta, and Craig Sherman, senior loan sale advisor in Newport Beach, Calif., brokered the final sale for the lender. The purchase price was undisclosed.
“We are pleased to have garnered a purchase price that is significantly higher than our client had hoped to recoup in a sale,” Phillips, said in a statement. “This downturn has seen savvy lenders maximizing cash recovery by selling loans. This method is not only faster, but can yield a higher net recovery. The alternative way banks recovered money in distressed situations was to wait until loans defaulted, then foreclose and sell the property, incurring additional expenses during a lengthy and often arduous process.”
In a related move designed to provide clients with capital markets advisory services, NGKF has also added to its platform Helios Capital Advisors, a boutique advisory firm headed by industry veteran Steven Schultz. The former Helios team has worked extensively with non-performing commercial mortgage loans, REO and investment sales throughout the United States.