Ariel Property Advisors arrange sale of 32 note portfolio for $32.736 million; Sozio, Shkury, and Tortorici represent seller and procure buyer

Ariel Property Advisors has brokered the sale of a portfolio of 32 performing notes located primarily in the city. The package had a total unpaid principal balance of $32.736 million. The sales team of Victor Sozio, Shimon Shkury, and Michael Tortorici represented the seller and procured the buyer, both financial institutions. "Demand remains high for the few note portfolios available, as exemplified by this package that we marketed and sold within several weeks," said Sozio, vice president. "The notes traded just below par, which translates to a single digit yield." The assets in the portfolio were collateralized by multifamily, mixed-use, development, and retail properties located in Manhattan, Northern Manhattan, Brooklyn, the Bronx, Queens, and communities outside New York City. Ariel Property Advisors recently sold another portfolio for a financial institution consisting of six performing and nonperforming notes, which had a total principal balance of just under $8 million. The notes in that package were secured by mixed-use, multifamily, and retail properties in Manhattan, Brooklyn, the Bronx, and Long Island.