Mission Capital Advisors is now accepting bids for a portfolio of subperforming and nonperforming commercial mortgage loans, secured by various commercial real estate and business assets in the greater Chicago Metro area and various towns in Indiana, with a balance of more than $50.3 million.
On behalf of an unidentified seller, Mission Capital is initially soliciting indicative bids from prospective bidders for the purchase of individual loan pools, any combination of loan pools, or the entire portfolio. The portfolio is divided into 11 large balance pool assets and a small balance pool of 18 assets that is an "all-or-none" portfolio, allowing investors to target specific assets by performance, collateral type or geography based on their individual acquisition criteria. The real estate collateral consists of retail, multifamily/condo, industrial, office, C&I, residential and commercial development land.
"This offering is unique in that investors can bid individually on the large balance assets while the smaller balance assets must be bid on as a pool," said Stephen Emery, director at Mission Capital Advisors. "Additionally, much of the collateral is within the Chicago metro area, which is a great location for residential and commercial assets."
Mission Capital, along with the seller, has prepared a comprehensive assessment of due diligence materials that is available to prospective bidders who execute confidentiality agreements.
A detailed offering memorandum and confidentiality agreement can be found at www.missioncap.com.