Mission Capital Advisors is marketing 36 nonperforming CMBS loans with an aggregate outstanding balance of roughy $300 million backed by over 4.6 million square feet of income property real estate located throughout the U.S.
The CMBS special servicer loan sale offers prospective bidders a chance to uy any number of the 36 nonperforming loans secured by office, retail, industrial, medical office and mixed-use.
Around $170 million of the loans (59%) are secured by office properties totaling 2.1 million square feet, 26% are secured by retail properties totaling one million square feet.
Additionally, about $39 million of the loans (13%) are secured by industrial properties totaling 1.5 million square feet.
The respective loans are being sold out of separate CMBS trusts and investors will be required to offer individual, loan-level bid pricing for each asset. Investors may bid for individual loans, any combination of loans or for the entire portfolio.
"The sale is diverse both geographically and collaterally," said Will Sledge, managing director at Mission Capital Advisors. "Furthermore, it allows prospective bidders the flexibility to deploy capital based on specific investment strategies."
On the seller's behalf, Mission Capital is soliciting indicative bids on May 26 from prospective bidders. Investors must finalize loan sale agreements before June 23, the final bid date.