New York-based real estate capital markets solutions firm Mission Capital Advisors has announced that the Federal Deposit Insurance Corporation (FDIC) has retained the firm's Commercial Loan Sales and Trading Group as the loan sale advisor on a diverse portfolio of loans with an aggregate unpaid principal balance of $57.6 million.
The diverse portfolio includes 122 real estate and business loans and is being offered in nine separate pools, according to Mission Capital. The firm's team of Michael Britvan, Kyle Kaminski, and Balin Michael is handling the transaction on behalf of the FDIC.
The types of loans included in the portfolio include residential real estate; commercial real estate; acquisition, development, and construction (ADC); and commercial and industrial (C&I) loans. Though a significant percentage of the collateral for the loans is concentrated in the Chicago area, the portfolio is collateralized by assets nationwide. Performance of the loans in the portfolio varies from performing, sub-performing, and non-performing assets from 17 failed banks.
"The portfolio features a wide range of assets, with the nine pools determined based on collateral location and type and loan performance," Britvan said. "This is one of the larger FDIC cash sale portfolios we have seen of late, and we anticipate a great deal of interest from investors targeting both seasoned performing and distressed debt."
Mission Capital has maintained a leading role as one of the industry's most active and respected loan sale advisors since the firm's inception 2002. The firm has set the industry standard for the execution of loan sales transactions by leveraging emerging technologies and enterprise software solutions.