Carlton Group said it is auctioning $257 million of first mortgages on a variety for commercial properties for "a major financial institution" that the investment bank did not identify.

The 478 loans are located in 28 states, with concentrations in six: New York, Florida, Massachusetts, California, New Jersey, Illinois and Connecticut.

Potential buyers can bid for individual loans, or for groups of loans within the pool, and there is no deadline, Carlton, of New York, said Monday.

"Many investors are familiar with certain properties and can bid right away. Others require more time and as long as the properties are still available, bidders are encouraged to bid whenever they wish," Joe Korbar, a managing director at Carlton, said in a press release.

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