In a deal brokered by Jones Lang LaSalle's Capital Markets, Germany's Eurohypo AG, a subsidiary of Commerzbank AG, closed the sale of $760 million in loans to Wells Fargo Bank and Blackstone Group. According to a NASDAQ report, the 13 floating-rate, performing loans with a collective price in the mid-90's for properties located in top-tier U.S. markets, including San Francisco, Boston, Miami, Houston and Chicago.
"The U.S. market for loan sales has matured significantly over the past several years; the low discount to par we were able to achieve on this sale is proof of that," said Jones Lang LaSalle Managing Director and Global Loan Sales Leader Peter S. Nicoletti. "This portfolio was high-quality, seasoned paper that offered these investors an opportunity to acquire a significant performing loan portfolio."
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