Carlton Exchange to auction $400 million in REO assets & loans

April 20, 2010 by · 2 Comments
Filed under: REO News 

A Floridan mortgage lender is hooking up with a New York auction house to move over $400 million in inventory.  It will cover various property types in Florida from multi-family, commercial and hotels along with of course many condos.  They will also be selling some notes as well.

Hopefully this auction will go well and more inventory will be taken off the market in such an over-saturated real estate location of South Florida.

Miami, Globest – With so many distressed properties in Florida, a Miami lender with loans on many of them has engaged the New York-based Carlton Exchange to auction off over $400 million of REO assets and loans on multifamily, retail, hospitality and office properties as well as land. Although the properties are scattered in various parts of Florida, most are in South Florida, especially Miami-Dade.

Included among the loan collateral being auctioned by the Carlton Exchange are: a 148-acre former golf course, once known as the California Club golf course in Miami-Dade County, which had been approved for 825 detached and multi-family homes; a new, Class A, 86,000-square-foot-office building in the city of Miami, and three small hotels on Ft. Lauderdale Beach.

According to Joe Korbar, managing director for the Carlton Exchange, the new Class A office building in Miami has 17,000 square feet of retail and 69,000 square feet of office space. Although it was designed as an office condominium, today, most of the office space is being rented, while the mortgage being sold is on 54,000 square feet.

Source

Comments

2 Responses to “Carlton Exchange to auction $400 million in REO assets & loans”
  1. Mission says:

    Korbar is a sneak. He takes cash under the table payments from people to get things done. Michaels Trusts this guy and he is sneaking behind his back making back room deals. Stay away

  2. OB BS says:

    Having working with Ocean Bank in the past and waste of time with them.

    Ocean Bank wants 75-85% of UPB on their NPN assets, more like 40-50%. NON-Performing assets which is sitting duck !!! can someone explain that to their Asset Managers and so called VP’s that have no clue, when we are specially in a downward market and their NPN assets are not even A+ assets.

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