(GlobeSt.com) NEW YORK CITY-The Carlton Group is marketing more than $250 million worth of first mortgage, nonperforming, small-balance commercial loans, chairman Howard Michaels announced Friday. Balances on the loans, which Carlton is selling on behalf of a “highly motivated” major institutional seller, range from $300,000 up to $5 million, according to a release.
Managing director Joe Korbar says in the release that the small-balance loans “allow everyone to get into the distressed debt game.” The loans are spread across 28 states; more than 60% are concentrated in New York, Florida, Massachusetts, California and New Jersey.
Among the collateral securing the loans are three commercial retail units located in New York; a 71-unit multifamily property in Las Vegas; 12,000 square feet of light industrial space on a 1.5-acre parcel in Miami; a 36-unit apartment building and 1.2-acre lot in Baltimore; a 40,000-square-foot office property in Columbia, SC; and a 27,000-square-foot light industrial property in Hopewell, NJ.
In the release, Korbar notes that his company has sold more than 200 of these types of assets through its Carlton Exchange program within the past 60 days.