The New York-based Carlton Group has been chosen to auction $564 million worth of distressed property assets and loans, which may be welcome news for bargain-minded CRE investors. Carlton was signed on by a consortium of commercial mortgage-backed securities trusts to hold a sealed bid auction on $307 million in assets. The assets available in this package are large apartment complexes, shopping centers and residential developments. Although closing date on the bids is 25 February, the final date for the end of the auction has yet to be posted.
The second $257 million valued package for auction has been placed by a single financial entity. This group of 478 first mortgage loans has interests in 28 states ranging from multifamily, retail and industrial securities. Carlton's bidding process allows for both bulk and individual asset acquisition. "Many investors are familiar with certain properties and can bid right away," says Joe Korbar, Carlton's managing director.
For more news and information visit Blumberg Capital Partners.
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