HUD to Sell Mortgage Loan Portfolio of $285.9 Million
10 Sep, 2007, McLean, VA
31 Multifamily and Healthcare Mortgages
Corporate Finance Services, LLC announced today that the U.S. Department of Housing and Urban Development has retained it to manage the sale of a portfolio consisting of 31 loans of nonperforming apartment and healthcare mortgages. This is the agency’s first such offering of the year. Cushman & Wakefield is acting as a subcontractor to Corporate Finance Services, LLC (“CFS”) of Bethesda, Maryland. CFS is a transaction specialist focused on the sale of nonperforming loans insured or guaranteed by federal agencies.
Secured by collateral in 14 states with the largest concentrations in Missouri, Texas, Georgia and Michigan, the portfolio has been packaged into six loan pools. Three of the pools consist of 26 apartment loans with a balance of $213 million and the other three pools comprise mortgage loans secured by give healthcare loans with a balance of $72.9 million. Healthcare collateral includes assisted living and skilled nursing properties.
Although HUD does not originate loans, it insures them through various Federal Housing Administration programs. After a defaulted insured loan is assigned to HUD, the agency has the option of holding, foreclosing, or selling the loan. Over the years, the agency has sold loans worth $7.2 billion, recovering approximately $5.2 billion, which is higher than the government would get holding the loans.
Bids on this portfolio, MHLS-2007-1, are due September 19. Bidder Information Packages are now available on-line. Due Diligence is available on-line as well.
For further information, contact John Howley, executive director of Cushman & Wakefield at 703-847-2733.
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 201 offices in 55 countries around the globe, and 12,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm’s Web site at www.cushmanwakefield.com.
Contact: Louise Ferreras