Carlton Advisory to market $140 million in performing/non-performing loans

According to Carlton Advisory Services' chairman Howard Michaels, Carlton Exchange has been retained to market $140 million of performing and non-performing loans and REO assets secured by cash-flowing commercial properties located mainly in the southwest. Joe Korbar, co-head of Carlton's loan sale group, said the opportunity for buyers to acquire "fully built, large, cash flowing, hospitality and retail assets in strong markets," with office, retail, hospitality, commercial, land and residential all represented in the package. Project manager Robert Hall said that the land assets are "situated in excellent locations for commercial and residential developers." Additionally, the auction also offers 41 upscale, high-end, single family loans and REO assets which can be either bought individually or in "mini bulk" packages, according to Carlton. Potential buyers can bid on a first-come, first-served basis through the CEX REO MLS Exchange. In February, managing director Joe Korbar told GlobeSt.com the platform allows potential buyers to bid within timeframes they find conducive as long as the properties are still available. "It's a real-time bidding platform, so it's first-come, first-served," Korbar said in February. "The buyer could buy on an individual loan basis or in bidder-defined pools." Among the offerings are several in the suburbs of Dallas. They include a two-story, 50,00 s/f office building and a newly constructed 90-room hotel, both in Allen, Tex. There are also two in the Dallas suburb of Plano: a newly opened, fully operating, 92-room flagged hotel that's said to be centrally located near strong demand generators and major thoroughfares; and a cash-flowing, 35,000-square-foot shopping center on approximately 14 acres with a 7-Eleven store and service station. The property was completed in 2007 In Flower Mound, TX, also a Dallas suburb, CEX is offering a 14,900-square-foot neighborhood retail center. The two-building asset was constructed in 2008 and has 6.5 parking spaces per thousand square feet of leasable area. The South Florida community of Pompano Beach yields 88 one- and two-bedroom apartment units within a larger multi-story multifamily complex about 15 miles north of Fort Lauderdale. Property amenities include a pool, playground and tennis court. Carlton has marketed many such multi-state REO portfolios throughout 2010. Michaels told GlobeSt.com in May that narrowing bid-ask spreads, along with increased liquidity among investors, have spurred sales. Visit CEX here for more information.