Carlton Group to Auction $400m Non-Performing Mortgages and REO
Real estate investment banking firm Carlton Group is set to auction more than $400m of non-performing first mortgage loans and real estate owned (REO) assets through its Carlton Exchange (CEX) auction unit. Chairman Howard Michaels announced today CEX will auction over $400m of Florida-based REO assets and loans on multi-family, retail, hospitality, commercial and land. "This event is an excellent opportunity to acquire loans secured by cash flowing multi-family, retail, and hospitality assets," the company said in an e-mailed statement. "There are also loans secured by well located and highly desirable land assets being offered which are situated in excellent infill locations and near major tourist destinations." Potential buyers can view the assets and bid on a first come, first serve basis through an online portal at the CEX Web site, carlontauctions.com. Carlton is offering the properties individually, rather than in large, bulk packages that tend to favor institutional investors. The collateral and REO assets include three adjoining residential properties totaling 12 rental apartments located in Coral Gables, FL, as well as 366 condominium units located within the 856-unit Villa Bellini condominium development. The offerings also include 180 unsold units located within a 384-unit apartment complex. Write to Diana Golobay.