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Commercial Mortgage Alert, March, 1997
Teachers Insurance has kicked off its long-awaited auction of a $1 billion portfolio of commercial mortgages. Casting a wide net, the insurer has sent bid-information packages to more than two dozen investors. The portfolio contains more than $600 million of loans backed by regional malls, with the rest of the package made up of restructured office, industrial and retail mortgages. Wall Street firms are expected to be the most-active bidders, as the portfolio is suitable for securitization. Teachers is likely to narrow down the number of bidders in a three-step process. The insurer will probably buy some of the resulting securities.
Meanwhile, another eagerly awaited bidding contest is under way. Bankers Trust just began soliciting interest in its $8 billion...
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