{"id":1004127901,"date":"2015-09-22T06:22:51","date_gmt":"2015-09-22T14:22:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004127901"},"modified":"2020-04-15T02:02:44","modified_gmt":"2020-04-15T10:02:44","slug":"ge-capital-sheds-sizable-mortgage-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ge-capital-sheds-sizable-mortgage-portfolio\/","title":{"rendered":"GE Capital Sheds Massive Mortgage Portfolio"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

\"One<\/a>

One Financial Square, 32 Old Slip<\/p><\/div>\n

GE Capital<\/a> has sold a national portfolio of performing, sub-performing and non-performing mortgage loans with an unpaid principal balance totaling $2.3 billion, it was announced Monday by CBRE Capital Markets\u2019 National Loan Sale Advisory Group, which was the exclusive advisor to GE Capital. The portfolio consisted of 313 loans secured by more than 450 properties throughout the United States.<\/p>\n

Three separate buyers were involved in the transaction. Deutsche Bank AG purchased the largest portfolio, which comprised 46 performing and sub-performing loans with an unpaid balance of $1.59 billion, or about 69 percent of the total.<\/p>\n

Waterfall Asset Management, of New York, bought a portfolio of 265 small-balance loans from GE Capital\u2019s business property lending unit totaling $565 million in unpaid principal balances. Waterfall is an SEC-registered specialist credit manager focused on high-yield asset-backed securities and real estate and consumer debt investment.
\nAnd Newcastle Investment Corp. purchased two performing loans with a total unpaid balance of $157 million, secured by a portfolio of golf courses across the country. (In a separate announcement, Newcastle described its part of the transaction as \u201cthe repurchase of $157 million face amount of third party golf debt at a price of 90 percent of par or $141 million\u2026.\u201d)<\/p>\n

Both GE Capital and Deutsche Bank declined to comment on the transaction, which was one of the largest U.S. portfolio loan sales since the credit crisis, according to CBRE.<\/p>\n

Three of the portfolio\u2019s largest loans were on 32 Old Slip, also known as One Financial Square in Manhattan, a 1.16-million square-foot, 36-story office building; the JW Marriott Houston, at 806 Main St. in Houston; and the MeriStar Portfolio, a CBRE spokesperson told Commercial Property Executive<\/em>. (The Blackstone Group purchased MeriStar Hospitality Corp. nearly 10 years ago.)<\/p>\n

Patrick Arangio, vice chairman, and Jack Howard, senior vice president, of CBRE\u2019s Midtown Manhattan office, exclusively advised GE Capital.<\/p>\n

\u201cThe robust interest from the market, both international and domestic, was a testament to the quality of the offering and the continued appetite for high-quality mortgage loans in the secondary market from the most sophisticated of institutions,\u201d Arangio said in a prepared statement.<\/p>\n","protected":false},"excerpt":{"rendered":"

GE Capital is giving other investors a piece of its $2.3 billion pie.<\/p>\n","protected":false},"author":882,"featured_media":1004127903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742],"tags":[],"class_list":["post-1004127901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest"],"acf":[],"yoast_head":"\nGE Capital Sheds Massive Mortgage 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\/ge-capital-sheds-sizable-mortgage-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GE Capital Sheds Massive Mortgage Portfolio\" \/>\n<meta property=\"og:description\" content=\"GE Capital is giving other investors a piece of its $2.3 billion pie.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ge-capital-sheds-sizable-mortgage-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=\"2015-09-22T14:22:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-15T10:02:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/09\/One_Financial_Square_32_Old_Slip.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"496\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\\\/ge-capital-sheds-sizable-mortgage-portfolio\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ge-capital-sheds-sizable-mortgage-portfolio\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"GE Capital Sheds Massive Mortgage Portfolio\",\"datePublished\":\"2015-09-22T14:22:51+00:00\",\"dateModified\":\"2020-04-15T10:02:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ge-capital-sheds-sizable-mortgage-portfolio\\\/\"},\"wordCount\":362,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ge-capital-sheds-sizable-mortgage-portfolio\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/09\\\/One_Financial_Square_32_Old_Slip.jpg\",\"articleSection\":[\"Investment\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ge-capital-sheds-sizable-mortgage-portfolio\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ge-capital-sheds-sizable-mortgage-portfolio\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ge-capital-sheds-sizable-mortgage-portfolio\\\/\",\"name\":\"GE Capital Sheds Massive Mortgage Portfolio - 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