Ocean Bank Adds More Florida Assets to REO Auction
Ocean Bank added about $50m in additional assets to a multimillion-dollar auction of its nonperforming loans and REO assets in Florida, bringing the sale's current value to $349m. New York-based Carlton Exchange (CEX) was retained to auction the property. The assets are located mainly in southern Florida, home of Miami-based mortgage lender Ocean Bank. New properties added to the sale are from the Fort Myers area, CEX said. The sale includes 47 nonperforming first mortgage loans and 29 REO assets. The REO assets, which include land, multifamily, retail, industrial and single-family properties, are valued at $141m, CEX said. About $100m worth of assets has been sold since the $400m sale began in April. Ocean also added a deadline to the auction, which previously was open-ended. All bids will be due by Aug. 6 with hard deposits in the amount of 10% of the bid purchase price due within 24 hours of being notified as a winning bidder. Prospective bidders may bid on individual assets or in bidder-defined pools of assets. Write to Kerry Curry.