Jones Lang LaSalle’s Capital Markets in New York has sold a $760m (€605m) loan portfolio for German real estate bank Eurohypo to US Bancorp, Wells Fargo Bank and Blackstone Group.
The three investors collectively paid about 95% of the loan amount for the portfolio of performing debt, which comprises 13 loans and is secured office, retail, industrial and multifamily assets around the US.
“The U.S. market for loan sales has matured significantly over the past several years; the low discount to par we were able to achieve on this sale is proof of that,” said managing director and global loan sales leader Peter S Nicoletti. “This portfolio was high-quality, seasoned paper that offered these investors an opportunity to acquire a significant performing loan portfolio.”
The loan was backed by a diverse pool of high-quality assets across a wide range of asset types. The portfolio’s assets are have significant New York concentration and were complemented by loans collateralised by assets in top-tier metropolitan markets including San Francisco, Boston, Miami, Houston and Chicago.
