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Jones Lang LaSalle and REDC Will Auction $132 Million in Notes

Dallas, Texas-based ""Jones Lang LaSalle"":http://www.joneslanglasalle.com/Pages/Home.aspx and Irvine, California-based ""Real Estate Disposition, LLC"":http://www.redcgroup.com/ (REDC), announced Thursday a list of almost $132 million in non-performing notes will go on the online auction site ""www.auction.com"":http://www.auction.com/ in October.

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In this roster are 33 primarily non-performing notes from two special servicers, two regional banks and one life company. The notes are backed by retail, multifamily, office and industrial property and average an unpaid balance of $4 million.

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The auction will start October 25 and end October 27. It also includes notes secured by 14 retail assets, 10 multifamily assets and three industrial properties.

Among notes to be auctioned are:

* A non-performing note secured by the Coastal Building in Florida which has an unpaid balance of $11, 721, 183

* A non-performing note secured by a retail asset in Oklahoma with an unpaid balance of $7, 829, 674

* A non-performing note secured by a multifamily property in Pennsylvania with an unpaid balance of $6,632,905

* And a non-performing note secured by an industrial property in Canada which has an unpaid balance of $6,053,304

The online auction format allows sellers access to a process that provides broader market exposure, which leads to realistic benchmarks for pricing and a transparent bidding process. Buyers are pre-qualified and sales are streamlined in a timely manner that meets all federal regulations.

About Author: Joy Leopold

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