Mission Capital Advisors is now marketing two nonperforming CMBS loans with an aggregate outstanding balance of $50,719,954.
The CMBS special servicer loan sale offers prospective bidders the chance to buy two large-balance, nonperforming loans secured by different collateral types. The biggest loan in the sale, with a principal balance of $25,644,954, is secured by 24 office buildings and a retail center.
Collateral securing the respective loan is mostly located in Okemos, Mich. with two parcels in East Lansing and Grand Ledge, Mich.
The sale's second loan is secured by 20 property parcels with a mixture of asset classes such as retail, industrial, office, medical office, multi-family and mixed-use assets.
The collateral securing the respective loan is mostly located in Des Moines, Iowa market with two parcels in Lincoln, Neb. and West Valley City, Utah.
The respective loans are being sold out of separate CMBS trusts. The buyers must provide individual, loan-level bid pricing for each asset. Investors are allowed to bid for one or both of the assets.
On behalf of the seller, the firm is initially soliciting indicative bids on April 28 from prospective bidders to buy individual loan assets or the entire portfolio. The buyers must finalize loan sale agreements before May 18, which is the final bid date.
"This loan sale represents a unique opportunity to allow prospective investors to acquire a significant real estate portfolio through the acquisition of a single loan," said Will Sledge, managing director at Mission Capital Advisors. "Buying the loan or loans will be a very efficient way for investors to own commercial real estate in the North Central region or for those looking to enter or re-enter the commercial real estate market."