Carlton Sells Small-Balance Loans; Lists Assets for Sale

Commercial Real Estate Direct Staff Report

Carlton Group has sold more than $150 million of small-balance loans since late last year, whenit started taking offers for them on behalf of a financial institution.

The New York firm brought the portfolio of nonperforming loans to market last November with an eye toward selling assets individually to local and regional players. The loans generally havebalances of $500,000 to $600,000 apiece. Many of the local and regional players that Carlton has targeted have been shut out of buying commercial real estate loans from the FDIC, which has favored selling such loans through massive structured sales.

Since launching its offering, Carlton says it has signed up some 2,000 prospective investors that have either requested information on individual loans or have actually purchased loans. It continues to solicit offers for the roughly $147 million of loans that remain in the portfolio.

Separately, Carlton is offering 59 properties in central Florida, including the Grenelefe Resort in Cypress Gardens, on behalf of Westgate Resorts, a timeshare developer. The properties are valued at roughly $350 million.

Grenelefe is a golf and tennis resort complex with 592 condominium units that are being marketed as rentals and development rights for another 1,800 units. Other properties in the portfolio include Anaheim Gardenwalk, which includes development rights for 400 hotel/timeshare units at the entrance to Disneyland in Anaheim, Calif., and Sutton Lakes, a 140-acre development site approved for 800 timeshares at Disney World in Orlando, Fla.

Carlton will take indicative offers for individual properties on April 30 and final offers on May 14. The company is marketing the properties through its Carlton Exchange marketing platform.

Most recently, Carlton launched an offering of $400 million of foreclosed properties and loans on behalf of a bank client. The assets all involve properties in Florida and are also listed on Carlton Exchange. Among the assets offered are unsold units in condominium projects; the 180-room Quality Inn Sawgrass Conference Center in Plantation; land parcels in Daytona Beach, and five parcels on Fort Lauderdale Beach.

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