BETHESDA, MD - CWCapital Asset Management LLC (CWCAM) is currently marketing a $2.57 Billion portfolio of predominantly cash-flowing real estate and commercial mortgage loan assets spread across the U.S.
The expectation is that the market will see this offering as a unique opportunity to acquire a large and diversified portfolio of mortgage loan and real property assets representing trophy, core, core-plus and value-add strategic investments.
The assets securing the portfolio consist of nearly 8.9MM SF of office, 3.2MM SF of retail, and 2,129 hotel rooms. Nearly two-thirds of the offering, as a percentage of unpaid balance (as of September Reporting Period), is secured by office. The remainder of the portfolio is made up of retail and hospitality assets.
The properties are located throughout the country, many in major markets like NYC, Los Angeles, Chicago, Washington, DC Metro, Dallas, with the balance located in emerging secondary markets. CBRE, together with Auction.com, is overseeing the marketing of the assets. The sale is structured so that prospective purchasers have the opportunity to submit offers on individual pools, groups of pools, single assets or for the portfolio in its entirety. The first round of bidding is scheduled for November 13, 2013. In Addition, Auction.com will be marketing $665 Million of assets including industrial, lodging, multi-family and self storage, which will be sold in Auction.com's December 9 - 11 auction event.
According to CWCapital Asset Management's president, Dave Iannarone, "Evidenced by recent portfolio transactions, CWCapital feels that the market is in prime position to leverage the fluid capital markets and the recovering real estate market. In that vein, we have decided to bring to market a multi-pool sale of loans and REO assets in the fourth quarter of this year. Portfolio sales heighten the execution levels of smaller assets when combined with a blend of asset classes on a larger scale. As always, CWCapital's goal is to achieve maximum recoveries on behalf of the trust, and this market has shown this to be a proven and reliable strategy to do just that."