On behalf of Eurohypo AG, New York Branch, Jones Lang LaSalle’s Capital Markets has closed the sale of $760 million in loans, secured by a portfolio of office, retail, industrial and multifamily assets located in major markets around the United States. US Bancorp, Wells Fargo Bank and Blackstone Group purchased the 13 floating-rate, performing loans for a collective price in the mid-$90’s (as a percentage of par).
Managing Director and Global Loan Sales Leader Peter S. Nicoletti led the Jones Lang LaSalle team on the transaction, along with Managing Director Jere Lucey and Senior Vice Presidents Dustin Stolly and Maggie Coleman.
“The U.S. market for loan sales has matured significantly over the past several years; the low discount to par we were able to achieve on this sale is proof of that,” Nicoletti said in a statement. “This portfolio was high-quality, seasoned paper that offered these investors an opportunity to acquire a significant performing loan portfolio.”
The notes were collateralized by a diverse pool of high-quality assets across a broad spectrum of product types include office, retail, multifamily, industrial and land. The portfolio’s significant New York concentration was complemented by loans collateralized by assets located in top-tier metropolitan markets, including San Francisco, Boston, Miami, Houston and Chicago.