2 Banks Shop Distressed Portfolios

September 1, 2007

Source: Commercial Mortgage Alert

2 Banks Shop Distressed Portfolios

2 Banks Shop Distressed Portfolios

Two banks are separately marketing portfolios totaling
$55.7 million.

PrivateBank of Chicago is offering a $27.6 million package

that encompasses nine distressed commercial mortgages and a
foreclosed retail property. The loans are either defaulted or
subperforming. The balances range from $1 million to $3 mil-
lion. The retail property originally backed a $10.1 million loan,
according to marketing materials. Bids are due June 15.

Seacoast National Bank of Stuart, Fla., will take bids June 22

on six loans and one foreclosed hotel, totaling $28.1 million.
The portfolio includes a performing $11 million note on an
office property in Daytona Beach, Fla., as well as distressed
loans on luxury homes, oceanfront land and an office building
in South Florida.

Mission Capital Advisors of New York is handling both auc-

tions. To expedite the offerings, each will have only one round of
bidding. Both banks are pushing to close sales by June 30, pre-
sumably to meet the deadline for quarterly financial statements.
At yearend, PrivateBank’s parent held $4.6 billion of com-
mercial real estate loans, including $2.7 billion of commercial
mortgages. Six percent of its commercial real estate loans were
Seacoast’s parent held $744.7 million of commercial real
estate loans, including $542.6 million of commercial mort-
gages. Eleven percent of its commercial real estate loans were nonperforming. Y

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