Sales of commercial real estate loans that are in receivership have surged in the aftermath of CMBS defaults.
According to Trigild, a San Diego-based receivership, disposition and loan recovery specialist, receivership sales in 2011 reached nearly $320 million.
Trigild said it sold 58 properties out of receivership with a gross sales value of $319,839,820 or $5,514,480 per deal. The sales included three hotels, nine retail centers, five office buildings, five apartment buildings and 35 convenience stores and gas stations.
"We are seeing more stability in commercial markets, with buyers looking for well-managed, well-priced properties," said Trigild president William Hoffman. "A receiver maintains and protects the real property that serves as collateral for a loan, and for this reason and many others, receivership sales are becoming a preferred way to expedite a sale — and avoid foreclosure."
Hoffman said that this trend for sales out of receivership is likely to continue over the next three to four years, as a large number of CMBS deals are set to mature.