Situs Cos. is offering for sale a $100 million distressed loan against the Dream Hotel in midtown Manhattan. The loan is being offered through Mission Capital Advisors, which will take indicative bids from prospective investors on April 17, with final bids due on May 8.
In early 2009, the FDIC shut the doors of New Frontier and began the task of selling some 4,200 active loans worth $1.54 billion. Nineteen of those loans will be on the auction block this spring, as Mission Capital Advisors attempts to sell a portfolio of residential and commercial properties in a sealed bid auction.