| Boston-based loan sale advisor DebtX will sell $105.5 million in primarily non-performing loans for a regional bank in the western part of the country.
The portfolio is comprised of 71 loans and 33 relationships. The collateral includes commercial and residential properties located primarily in California, Washington, Oregon and Arizona. The three largest loans in the pool have a combined principal balance of $47.6 million.
Bids are due by 2 p.m. on Monday, March 22.
"Over the past six months, the number of bids per offering at DebtX has increased an average of 25 percent due to heightened demand for performing and non-performing loans," said DebtX CEO Kingsley Greenland. "A growing number of equity buyers are seeking to re-enter the commercial real estate market by purchasing loans because many distressed properties are in default or are unable to service their debt. Buying the loan is a very effective way to again own commercial real estate."
KDX Ventures (KDX), a joint venture between DebtX and KEMA Advisors, will also sell $306 million in multifamily and healthcare loans for the U.S. Department of Housing and Urban Development (HUD).
The portfolio consists of 25 multi-family commercial real estate loans and one healthcare loan, ranging in size from $1.6 million to $44.3 million. The collateral is located in 14 states across the country. Investors may bid on any individual loan or on pre-determined pools of loans.
Bids will be accepted from 11:00 a.m. to 1:00 p.m. on Wednesday, March 24, according to a statement.
"KDX Ventures anticipates robust interest in this HUD portfolio due to pent-up demand for commercial assets in general and multifamily product in particular," said Greenland. "HUD has an excellent reputation in the marketplace, and there is typically active bidding for product offered by the agency."
