Colony Capital is offering $90 million of mixed-quality loans and foreclosed properties. Mission Capital is running the auction for Colony.
Colony Shops Mixed-Quality Assets
Colony Capital is offering $90 million of mixed-quality loans and foreclosed properties.
The 323 assets have an average balance of $278,500. Al- most two-thirds of the aggregate balance is nonperforming, with roughly $30 million of the portfolio performing.
Acquisition, development and construction loans account for 71% of the pool balance, and commercial real estate as- sets make up the rest. The assets are spread over 19 states, with concentrations in Florida (54.5% of the portfolio bal- ance) and Michigan (10.7%). The collateral types vary widely.
The performing commercial mortgages have a 5.8% weighted average coupon and a weighted average maturity date of 2021. The performing acquisition, development and construction loans have a 5.6% weighted average coupon and a weighted average maturity date of 2021.
Mission Capital is running the auction for Colony, a Santa Monica, Calif., high-yield investment shop. Mission has di- vided the assets into four pools: two performing pools for each type of asset and two nonperforming pools for each. Investors can bid on individual pools or any combination. Initial bids are due on Nov. 18. Bids from finalists will be due on Dec. 11.
COMMERCIAL MORTGAGE ALERT: Nov. 7, 2014, 5 Marine View Plaza, Suite 400, Hoboken NJ 07030. 201-659-1700