Ariel Property Advisors, a New York City investment property sales firm, announced this week that it had arranged the sale of a portfolio of 32 performing notes. The portfolio includes properties primarily located in New York City. While the terms of the deal were not disclosed, it was released that the portfolio has a total unpaid balance of roughly $32.7 million.
The sales team of Victor Sozio, Shimon Shkury, and Michael A. Tortorici represented the seller and procured the buyer, both unnamed financial institutions. "Demand remains high for the few note portfolios available, as exemplified by this package that we marketed and sold within several weeks," said Victor Sozio, vice president. "The notes traded just below par, which translates to a single digit yield."
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