Clark Street Capital's Bank Asset Network will offer a $200m portfolio of performing and non-performing loans originated by an unnamed Chicago-area banking institution. The average unpaid principal balance for a single family residence is $745,000, and many are in high-end neighborhoods, according to Jon Winick, president of Clark Street Capital. Some could be appraised as high as $2m, he adds. "We created a diverse mixture of pools that will be attractive to different groups of investors," Winick told HousingWire in an exclusive interview. "A single-family buyer may not want the 2-4 multi-family properties, but may have an interest in the 5 units and above.” Clark Street Capital is a full-service advisory and asset management firm specializing in US real estate assets. In June 2009, Clark Street launched its Bank Asset Network to bridge the gap between buyers and sellers of real estate assets. Each asset is within 25 miles of downtown Chicago, except for some land in Illinois and western Michigan, and more than 95% of the assets are located in the Chicago Metropolitan Statistical Area (MSA). The assets fall into eight categories:
  • A mixture of generally performing single-family residences (SFRs) and residential condos,
  • Sub-and-non performing SFRs and condos,
  • A mix-use pool of various performance types, multi-family properties (2-4),
  • A multifamily properties (5+),
  • Performing retail and office assets,
  • Non-performing retail and office assets
  • Land
Clark Street is looking to close by February. Interested buyers will need to sign a confidentiality agreement as well as proof of funds to gain access to the due diligence materials. After the agreement is signed, the buyer will have access to a redacted data tape. “These are high-quality, Chicago urban and suburban assets. Of the single family residences and condo units, nearly every property is an attractive asset that most investors wouldn’t mind living in personally,” Winick said. Write to Jon Prior.