Milestone Advisors Announces Request for Qualifications and Bid Invitation for
$275 Million Acquisition, Development and Construction ('ADC') Portfolio Sale
Preliminary qualification and indicative bid process begins Friday, November
6th
PASADENA, Calif., Nov. 6 /PRNewswire/ -- Milestone Advisors is soliciting
interest from prospective bidders to participate in a preliminary
qualification and indicative bid process. Interested parties can find
additional portfolio information, stratifications, and bidder qualification
selection procedures at http://www.milestonearc.com/?page_id=462. Milestone
Advisors, and its affiliate Milestone Asset Resolution Company, LLC ("MARC")
provides land and construction loan asset management services to government,
financial institutions, and private equity interests. MARC specializes in
assisting financial institutions and private investors in the structuring and
liquidation of distressed ADC assets.
Portfolio highlights:
-- $275 million ADC loans for residential and commercial real estate
-- Loans located in 4 western states including CA (54%) and OR (28%)
-- $51 million OREO assets
-- Loans originated 1998 through 2008
-- Status ranging from non-performing, foreclosure to bankruptcy
-- Indicative bids from qualified bidders due November 18, 2009
-- Final bids from qualified bidders due December 10, 2009
-- Closing date on or before December 22, 2009
(Dates are subject to change)
The subject portfolio contains 92 non-performing loans (with an approximate
unpaid principal balance of $224 million) and 47 OREO assets (appraised valued
at $51 million) from a western regional financial institution seeking to
liquidate the assets through the bid process. Milestone Advisors is acting as
marketing agent and financial advisor to the financial institution in
connection with the indicative bid process.
Asset types include land loans, land acquisition and site improvement loans,
construction loans for residential and commercial properties, one to four
conventional residential loans, greater than five unit residential loans,
general purpose commercial loans, and loans secured by agricultural real
estate. The portfolio contains loans originated from 1998 through 2008, with
the majority originated in 2005 and 2006. The average loan balance is $2.43
million, excluding OREO. The average OREO balance is $1.08 million.
Bidders may elect to bid on individual loans or OREO assets, specific
collateral types, or on loans concentrated in specific geographic locations.
In order to qualify for this transaction, bidders will be required to complete
bid registration forms and provide preliminary qualification information.
Detailed bidding procedures and a calendar of events can be reviewed at the
above- referenced Web site.
For questions, please contact:
Alain Toto
Milestone Advisors
Atoto@milestonecap.com
786.528.1902
Darryl Conway
Milestone Advisors
dconway@milestonecap.com
202.741.3665
Drew Buccino
Milestone Asset Resolution Company
Drew.Buccino@milestonearc.com
877.900.6272
Jim Fraser
Milestone Asset Resolution Company
Jim.Fraser@milestonearc.com
877.900.6272
Media Contact:
Milestone Advisors, LLC
Joan Morgulec
202.362.2305
jmorgulec@milestonecap.com
About Milestone Advisors
Milestone Advisors is the financial advisory division of Milestone Merchant
Partners, LLC and is a FINRA licensed broker-dealer. Milestone Advisors is a
national investment bank dedicated to specialty lending businesses and
depositories. Milestone Advisors principals and professionals have extensive
experience, having completed over $16 billion in M&A and corporate finance
transactions through approximately 290 engagements. Milestone Advisors is
headquartered in Washington, DC with additional offices in Miami, FL, Newport
Beach, CA and New York, NY. Additional information and recent transaction
activity can be reviewed at www.milestonecap.com or www.milestonearc.com.
This preliminary announcement is not an offer to sell or a solicitation of an
offer to purchase all or part of the portfolio. Additional information
concerning the proposed transaction will only be provided to- and bids will
only be accepted from-those who certify that they have the knowledge,
experience, and resources to become qualified bidders. The purchase of all or
part of the portfolio involves substantial risks, and prospective bidders and
their advisors should undertake such investigation as they deem necessary to
fully evaluate those risks. This preliminary announcement is directed solely
to the party to whom it was transmitted and should not be reproduced or
retransmitted in whole or in part.
SOURCE Milestone Advisors
Joan Morgulec of Milestone Advisors, LLC, +1-202-362-2305,
jmorgulec@milestonecap.com
