The Prestwick Mortgage Group is offering, as exclusive broker, $58 million in private investor multifamily/commercial servicing from an undisclosed private mortgage company.
The seller prefers a concurrent sales and transfer date before Sept. 25. The bid date is Tuesday, Aug. 7 at 5 p.m.
As of June 29, the portfolio had a 6.899% weighted average note rate, a 0.2812% weighted average service fee and a $1,621,005 average loan balance.
Mortgages are on properties in New Jersey, many of which qualified for low-income housing tax credits at origination of the existing or prior loan.
All of the loans are current, and all except one remit to multiple investors at a loan-specific uniform pass-through rate on an A/A basis.
Most of the loans have prepayment or level yield clauses, although some of these may have expired. Prestwick said there is no possibility of buyback from private investors.
The portfolio has a current T&I (taxes and insurance) escrow of $670,355, a current replacement reserve balance of $503,355 and $705,655 in other reserve balances.