Auction.com to sell $600 million+ of performing multifamily loans.

Author:Tucker, Michael
Position:Commercial - Brief article
 
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* Auction.com, Irvine, California, has been retained as exclusive loan sale adviser for 447 performing multifamily loans with an unpaid principal balance of $601.3 million.

The portfolio balance is 7.5 percent fixed- and 92.5 percent floating-rate loans that have an average current balance of $1.3 million, a weighted average seasoning of 8.4 years, a weighted average remaining term of 6.2 years and a weighted average coupon of 4.8 percent. The loans are secured by 465 multifamily properties with a combined total of 18,456 units in 23 states.

Prospective buyers may submit indicative bids for the entire portfolio, specific pools or any combination of pools in seven regions. California has 300 loans totaling more than $365 million representing 60.8 percent of the portfolio balance, and Texas/Oklahoma has 43 loans...

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