Seligman Group has lined up $309 million of debt from multiple lenders to refinance a collection of 23 commercial properties in California. Mission Capital has arranged the series of loans.
First BanCorp, a Puerto Rico banking company has agreed to sell a portfolio of $199.8 million of distressed commercial loans and foreclosed properties for $87.6 million, or 438.% of face value. The sale was orchestrated by Mission Capital.
First BanCorp Selling $199.8Mln
Friday, 29 May 2015
Commercial Real Estate Direct Staff Report
First BanCorp, a Puerto Rico banking company has agreed to sell a portfolio of
$199.8 million of distressed commercial loans and foreclosed properties for $87.6 million, or 43.8 percent of face value.
The sale, orchestrated by Mission Capital Advisors, allows the lender to improve its credit profile. According to analysis by Keefe, Bruyette & Woods, its ratio of nonperforming assets to total assets would fall to 5.02 percent as a result of the sale, from 5.74 percent. It said the sale, which is slated to close in July, allows the bank to clean up its loan portfolio. KBW called the sale a long-term "benefit," despite the reduction in the size of the company's balance sheet.
First BanCorp had already written the portfolio's value down to $150.1 million before the sale took place. While the company's share price has slipped by some
10 percent to just more than $6 over the past week, it is well above its $4.56 low from last November.
Aurelio Aleman-Bermudez, the bank's president and chief executive, said, "the transaction accelerates improvement in our risk profile and will contribute to future reductions in our expense base" as it's able to re-allocate resources away from the management of distressed assets to other areas. "We view this as a positive step as we continue addressing credit quality."
Mission Capital has hired Terry Strongin in the firm’s Palm Beach Gardens office, and Rob Beyer will relocate to the location as well.
Mission Capital has hired Terry Strongin as a director to its debt and equity finance group in the Palm Beach Gardens, FL office. Director Rob Beyer has also relocated to the FL office.
Mission Capital Beefs Up Southeast
Tuesday, 12 May 2015
Mission Capital Advisors has hired Terry Strongin, a 16-year industry veteran, as a director in its debt and equity finance group.
Strongin is based in the New York company's Palm Beach Gardens, Fla., office. He previously was founder and managing member of Equity 24 LLC, a West Palm Beach, Fla., investment operation. And before that he was director of capital markets lending at Bond Street Capital. He also had been with Ocwen Financial Corp. as vice president of commercial lending.
Joining Strongin, who will arrange debt and equity for clients, at Mission's Palm Beach Gardens office is Rob Beyer, who is relocating from the company's New York office. He joined Mission two years ago from Siegel Group, a Las Vegas investor, where he was general counsel. He previously was with Related Cos. and Carlton Group. The two will also structure sales transactions.
The additions to the Florida office are part of an effort by Mission to expand its capabilities in the southeastern United States, where it has arranged some $550 million of equity and financing since 2010.
David Tobin, president of Mission, said its expanded focus on the region is driven by its "strong economic activity and growth prospects." He added that the company would continue to add staff in the region.
Mission Capital is expanding its Southeast presence with two new additions to its Palm Beach Gardens office.
Mission Capital expands southeast
May 1, 2015
Mission Capital is expanding its Southeast presence with two new additions to its Palm Beach Gardens office. Terry Stronginis joining as director in the Debt and Equity Finance Group andRob Beyer will be relocating from the firm’s New York City headquarters as a director in the same group.
Prior to joining the team, Strongin headed the commercial lending group for a major REIT, and worked as a principal in boutique real estate investment and advisory companies. He will now be responsible for sourcing, structuring and executing debt and equity financing across the US.
Terry Strongin and Rob Beyer were hired at Mission Capital Advisors’ Palm Beach Gardens office.