BETHESDA, MD. — CWCapital Asset Management has announced it is marketing $2.6 billion of predominantly cash-flowing real estate and commercial mortgage loan assets across the U.S. CBRE and Auction.com are overseeing the marketing, with the first round of bidding on the portfolio set for Nov. 13.
Office assets make up nearly two-thirds of the portfolio at 8.9 million square feet. The portfolio also includes 3.2 million square feet of retail and 2,129 hotel rooms. The assets are spread across major markets such as New York City, Los Angeles, Chicago, Washington, D.C., and Dallas, with the balance located in emerging secondary markets. Specifics about the portfolio were undisclosed.
The sale is structured so that prospective purchasers can submit offers on individual pools, groups of pools, single assets or the portfolio in its entirety. Bethesda, Md.-based CWCapital Asset Management’s expectation is that the market will see the offering as a unique opportunity to acquire a large and diversified portfolio of mortgage loan and real property assets representing trophy, core, core-plus and value-add strategic investments, according to a statement from the company.
“Evidenced by recent portfolio transactions, CWCapital feels that the market is in prime position to leverage the fluid capital markets and the recovering real estate market,” says Dave Iannarone, president of CWCapital. “In that vein, we have decided to bring to market a multi-pool sale of loans and REO (real estate owned) assets in the fourth quarter of this year. Portfolio sales heighten the execution levels of smaller assets when combined with a blend of asset classes on a larger scale.”
In addition to this portfolio sale, Auction.com will be marketing $665 million of assets, including industrial, lodging, multifamily and self storage properties. The assets are scheduled to sell in Auction.com’s Dec. 9-11 auction event.
CWCapital Asset Management manages distressed and non-performing loans and REO properties that are a part of assets under management for the company, as well as for third parties. The second largest special servicer in the U.S., CWCapital has been named special servicer on 150 CMBS transactions backed by an approximate $151 billion of commercial mortgage loans, as well as $1.9 billion in non-securitized loans for institutional clients.
— Rachel Goff