Carlton to sell $350m loan and REO assets

Real Estate Weekly, Nov 26, 2008

Carlton Advisory Services, Inc., has been appointed exclusive sealed bid advisor on the sale of a portfolio of 39 loan assets and five outstanding REO assets on behalf of a major financial institution.

A total of $259 million of assets are being sold, which includes approximately $16 million of REO assets.

The loan assets are secured by properties located in Florida, Nevada, California, Louisiana, Mississippi, Alabama and Georgia although most of these high visibility assets are concentrated on the west coast of Florida, Las Vegas and New Orleans. The REO Assets are located in prime areas in Georgia, Alabama and Florida.

The portfolio's assets consist of completed and partially completed multi-family, retail, hospitality, and prime residential and commercial land assets, many of which are located on waterfront sites. Some of the specific loan and REO assets include:

* Loan secured by a 400 unit multi-family complex located in New Orleans, Louisiana;

* Loan secured by 500 acres of developed and partially developed prime land lots located on the west coast of Florida;

* Loan secured by a recently constructed cash generating 80 key hotel located in Mississippi;

* Loan secured by a cash flowing two Story multi-tenant retail building located in a high visibility area near Reno, Nevada

"We're delighted to bring this portfolio to the attention of prospective purchasers," said Howard L. Michaels, Chairman of Carlton Advisory Services.

"The loan assets are secured by properties in prime locations at very attractive prices and represent exceptional value ... especially for developers looking to expand their geographic footprints, national and geographic institutional purchasers targeting specific asset classes and hedge funds looking to take advantage of the distressed market."

Carlton executives, Thomas McCarthy, managing director, Ken Spears, managing director, and John MacConnell, vice president are handling the sale for Carlton.

Carlton has also been tapped as exclusive loan sale advisor on a second sale, this time of a portfolio of 20 outstanding loans on behalf of a major financial institution via a sealed bid auction.

A total of $91 million of loans are being sold. The loans are secured by properties located in Florida, South Carolina and North Carolina although most are concentrated in southern and western Florida.

Thomas McCarthy, Ken Spears, and John MacConnell, are also handling this sale for Carlton.