{"id":1004032748,"date":"2011-10-03T10:14:07","date_gmt":"2011-10-03T18:14:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004032748"},"modified":"2022-12-08T05:06:37","modified_gmt":"2022-12-08T13:06:37","slug":"invesco-and-partners-buy-880m-bank-of-america-loan-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/invesco-and-partners-buy-880m-bank-of-america-loan-portfolio\/","title":{"rendered":"Invesco and Partners Buy $880M Bank of America Loan Portfolio"},"content":{"rendered":"

October 3, 2011<\/strong>
\nBy Barbra Murray, Contributing Editor<\/em><\/p>\n

Bank of America has removed a portfolio of real estate loans with a total balance of approximately $880 million from its books, selling the group of 29 performing and non-performing loans to a consortium involving two subsidiaries of Invesco Ltd., WL Ross & Co. L.L.C. and Invesco Advisers Inc., as well as to Square Mile Capital Management L.L.C. and Canyon-Johnson Urban Funds.<\/p>\n

The loans are collateralized by assets in 16 states and span the spectrum of real estate types, including hotel, industrial and multi-family, as well as office and retail. <\/p>\n

It took the participation of a bevy of entities to cull the millions that went to Bank of America. Invesco Real Estate’s co-managed Invesco Mortgage Recovery Fund contributed capital, as did Invesco Fixed Income, Invesco Mortgage Capital Inc. and Canyon-Johnson Urban Fund III. Invesco Advisers Inc.-managed mortgage REIT Invesco Mortgage Capital Inc. and a fund managed by Square Mile Capital also provided funds for the purchase.<\/p>\n

Banks have not been shy about selling off portfolios of commercial real estate-collateralized loans this year, and investment groups have been equally keen to acquire them, including Starwood Capital Group, which purchased a $157 million real estate loan portfolio from Midwest Regional Bank earlier this year at 40 cents on the dollar. <\/p>\n

In July, real estate finance and investment company Colony Financial Inc. took a group of 648 performing and non-performing loans with an unpaid principal balance of approximately $388 million off the hands of a U.S. commercial bank for the discounted price of $197 million. At the end of September, Banco Popular de Puerto Rico — the banking subsidiary of Popular Inc., which ranks 36th by assets among U.S. banks — closed the disposition of a commercial real estate loan portfolio with a value of roughly $148 million and a construction-loan portfolio with an unpaid principal balance of $358 million. Goldman Sachs & Co., Caribbean Property Group L.L.C. and East Rock Capital L.L.C. partnered on the establishment of a limited liability company that is the majority owner of the newly created joint venture that bought the Banco Popular assets.<\/p>\n

The frenzy to unload real estate loans extends well beyond U.S. borders. According to debt advisory firm Situs Cos., banks are expected to dispose of approximately $20 billion of loans collateralized by European commercial assets through 2012, as reported in a Bloomberg article last week.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bank of America has sold an $880 million portfolio of 29 real estate loans to three buyers: a consortium involving two subsidiaries of Invesco Ltd., Square Mile Capital Management L.L.C. and Canyon-Johnson Urban Funds.<\/p>\n","protected":false},"author":1201,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742],"tags":[],"class_list":["post-1004032748","post","type-post","status-publish","format-standard","hentry","category-finance","category-latest"],"acf":[],"yoast_head":"\nInvesco and Partners Buy $880M Bank of America Loan Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/invesco-and-partners-buy-880m-bank-of-america-loan-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Invesco and Partners Buy $880M Bank of America Loan Portfolio\" \/>\n<meta property=\"og:description\" content=\"Bank of America has sold an $880 million portfolio of 29 real estate loans to three buyers: a consortium involving two subsidiaries of Invesco Ltd., Square Mile Capital Management L.L.C. and Canyon-Johnson Urban Funds.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/invesco-and-partners-buy-880m-bank-of-america-loan-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-10-03T18:14:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T13:06:37+00:00\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/invesco-and-partners-buy-880m-bank-of-america-loan-portfolio\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/invesco-and-partners-buy-880m-bank-of-america-loan-portfolio\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Invesco and Partners Buy $880M Bank of America Loan Portfolio\",\"datePublished\":\"2011-10-03T18:14:07+00:00\",\"dateModified\":\"2022-12-08T13:06:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/invesco-and-partners-buy-880m-bank-of-america-loan-portfolio\\\/\"},\"wordCount\":408,\"commentCount\":0,\"articleSection\":[\"Finance\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/invesco-and-partners-buy-880m-bank-of-america-loan-portfolio\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/invesco-and-partners-buy-880m-bank-of-america-loan-portfolio\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/invesco-and-partners-buy-880m-bank-of-america-loan-portfolio\\\/\",\"name\":\"Invesco and Partners Buy $880M Bank of America Loan Portfolio - 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