First Financial Markets $400M in M-F Loans
- Apr 30, 2008
It’s a sign of the times. Acting on behalf of a top banking institution, First Financial Network Inc. has just commenced an offering of more than $400 million in real estate loans on multi-family properties in the South and Southeast.”The offering is the largest whole loan offering comprised solely of this product type so far this year,” Merrie Duncan, FFN director of marketing, told CPN today.Most of the 44 loans involved in the offering are secured by properties in Florida–including condominiums, apartments and developable land–with the remaining few situated in North Carolina and Tennessee. in North Carolina and Tennessee. “The loans were originally extended to develop multi-family properties,” Duncan said. “The properties that collateralize the loans have been affected by the recent downturn in the real estate market.” FFN–which is marketing the portfolio for single to multiple loan acquisition to full portfolio acquisition–is targeting potential investors ranging from whole loan buyers to international and domestic real estate investors and developers. Bids will be accepted beginning June 5.Headquartered in Oklahoma City, FFN is one of the top loan sale advisory firms in the country. Over the last decade, the company has sold billions of dollars in loans and other assets in 28 countries.