Carlton Group Readies $494m REO for Auction
The Carlton Group will conduct a sealed bid loan and REO sale of $350m worth of properties for an unnamed financial institution, according to Carlton chairman Howard Michaels. The pool includes prime residential land lots, luxury waterfront and residential development parcels, hospitality, office, industrial and retail assets. Most of the properties, 70%, are located in Florida. The rest are scattered across Texas, Hawaii, New Jersey, Oregon, Missouri, Washington, Kansas and New Mexico. Seller financing is available on many of the assets, which includes condos, residential lots and single-family homes for developers and individual investors. The assets are being offered on a sealed-bid basis from December 11, 2009 through December 17. Another major financial institution retained Carlton to market a $144m portfolio of loans and REO assets. The portfolio includes 20 assets, and 16 are located in Florida markets. These assets are also offered on a sealed bid basis due December 10. Write to Jon Prior.