Commercial Real Estate Direct Staff Report

Mission Capital Advisors is offering, on behalf of a private-equity fund client, a $21.7 million portfolio of mixed-quality loans, including commercial mortgages.
The 79-loan portfolio includes 48 loans with a balance of $16 million that are backed by commercial properties. Those loans, which are backed by a mix of owner-occupied properties, office, retail and medical-office buildings, comprise one of four pools in the portfolio. The other pools contain loans against residential properties, land and business assets.
Many of the loans have continued to perform as expected, but some have been modified, re-sized or restructured in one way or another. Some have recourse to their borrowers.
The portfolio's weighted average coupon is 5.6 percent and its weighted average maturity is November 2020.
While Mission Capital aims to sell the entire portfolio to one investor, it would consider offers for individual pools. It will take indicative bids for the portfolio next week and will conduct a best-and-final round of bidding on Sept. 1.