A nearly $200 million portfolio of residential and commercial mortgages mostly backed by Chicago properties is on the market.
The $196,327,037 portfolio is being offered by Chicago-based Clark Street Capital and subsidiary the Bank Asset Network, a news release today indicated. A Chicago-area financial institution is the seller.
Among the property types securing the first mortgages are residential, condominium and commercial. Around 90 percent of the collateral is located in the metropolitan Chicago area.
Among eight available pools are a $61 million portfolio of performing single-family residences; sub- and non-performing SFRs and condos; and a $38 million portfolio of residential and commercial development land. Other pools include $13 million in mortgages for two- to four-unit properties; $25 million in loans secured by multifamily properties; and $21 million in mixed-use assets.
“The underlying properties are in some of the Chicago area’s most desirable neighborhoods and are among some of the most sought-after types of assets in today’s market,” Clark Street President Jon Winick said in the announcement.
Indicative bids are due by Jan. 26, Clark Street said. Final bidders will be selected on Jan. 27, while final bids are due Feb. 4. The sale is expected to take place on Feb. 10.
Full due diligence information is available online. Clark Street claims due diligence materials are complete and transparent.