From John Johnson, CCIM - Atlanta, GA | Via Bloomberg Businessweek:
Wells Fargo & Co. and LNR Property Corp. are each seeking to sell about $1 billion of distressed U.S. commercial real estate loans and assets, according to people briefed on the offerings.
Wells Fargo of San Francisco, the biggest U.S. commercial real estate lender, is taking bids on $500 million to $1 billion of office and hotel mortgages and properties, said four people, who asked not to be identified because the sale is private. LNR, the largest special servicer of commercial mortgage-backed securities, is trying to sell about $1 billion of defaulted loans, two people said.
Do the decisions of Wells Fargo and LNR to sell massive amounts of problem loans and real estate finally signal that banks will now be more willing to sell assets rather than to hold and wait (read “extend and pretend“)?
Read the rest of Wells, LNR Said to Seek Sale of $2 Billion in Loans (Update1) from Bloomberg Businessweek.
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Tags: assets, banks, commercial, Commercial Real Estate, cre, distressed, investments, investors, lender, lenders, LNR, loans, market, market value, problem loans, properties, real estate, sales, transactions, Wells Fargo