CWCapital Marketing $2.1B in Assets

CWCapital Asset Management (CWCAM), a subsidiary of Bethesda, MD-based CW Financial Services, announced today that it's marketing a $2.12 billion portfolio of real estate and commercial mortgage loan assets in its capacity as special servicer. The portfolio covers properties throughout the country, many in major markets such as New York City, Atlanta, Las Vegas, Los Angeles/Orange County, Houston and Phoenix with the balance located in secondary and tertiary markets. The assets securing the portfolio total nearly 4.7 million square feet of office space, 3.5 million square feet of retail, 1.1 million square feet of industrial plus 4,700 multifamily units and 2,100 hotel rooms; the remainder of the portfolio consists of mixed-use, hospitality and industrial assets.

According to a press release from CWCAM, brokerage firms including CBRE, Eastdil Secured, Newmark Grubb Knight Frank, Mission Capital, and Marcus & Millichap, are overseeing the marketing of 20 assets with an unpaid principal balance of $1.38 billion. Additionally, 71 assets with an unpaid balance of approximately $740 million are currently being marketed via Auction.com.

In October 2013 when CWCAM marketed a portfolio of 134 assets with a unpaid principal balance of $3.43 billion, the vast majority of the assets eventually closed with overall recoveries averaging $0.66 on the dollar of the unpaid principal balance, according to a GlobeSt.com article.

For more news and information visit Blumberg Partners.

Miami Rivergate Buildings Sold for $104M

CWCapital Asset Management, a subsidiary of CW Financial Services, announced that it had completed the sale of two office towers at 444 Brickell Avenue in Miami to Related Group for $104 million, or about $344 per square foot. Related Group subsequently unveiled plans for three tall towers at 444 Brickell Avenue, including residential, hotel, office, and retail space. The new project, One Brickell, is expected to include three skyscrapers rising 80, 70, and 55 stories, and will encompass more than 4 million square feet, including 2 million sellable square feet, according to a Miami Herald report.

"This transaction underscores the depth of our experience in servicing distressed properties and our ability to execute and react quickly to changing market conditions," said David Iannarone, President of CW Financial Services, of the sale. "Our team identified and executed an asset level strategy that elevated the attractiveness and value of the property while conducting a marketing campaign that leveraged rising real estate prices in downtown Miami. We are confident that the timing is right and that we have maintained our principal goal, which has always been maximizing value on behalf of the bondholders."

"This is the most important development in the urban core," Related Group's chairman and CEO, Jorge Pérez, said in a statement. He added: "One Brickell is the link that will unify the neighborhood by bringing pedestrian-friendly walkways from east Brickell all the way to Brickell CityCentre. Our vision will meet the robust demand for additional residential, hospitality, and entertainment facilities in the area."

For more news and information visit Blumberg Capital Partners.