s Angeles office of Carlton Group has been tapped by an undisclosed West Coast financial institution to market a $47 million portfolio of sub- and nonperforming commercial real estate, condominium and land development loans. Most of the loans are located in California, but several assets in Nevada and Georgia are included, as well. Carlton, a New York-based real estate investment banking firm, has been appointed the exclusive sealed bid loan sale advisor to the financial institution to sell the approximate $47 million of loans. Carlton is calling for bids by July 15, and information is available on its Web site, www.carltonauctions.com. The portfolio includes California properties such as a 20-unit vacation condominium, six partially completed live/work lofts just north of Los Angeles, and six single-family residences located in the Los Angeles metropolitan statistical area. The $47 million portfolio is the latest in a series of assignments for Carlton in the Los Angeles area to market distressed properties. The new sealed bid loan sale is in addition to more than $300 million of loan and bank-owned propert sales that the company is marketing, according to Howard L. Michaels, chairman of Carlton Advisory Services. Of the 14 loans in the new portfolio, 12 are secured by collateral located in California. "This loan sale continues to provide investors with an opportunity to acquire loan assets for significant discounts to value as financial institutions continue to deleverage their balance sheets, providing investors with an excellent financial opportunity," Michaels says. SOURCE: Carlto
