HUD Marketing $2.3B in Loans

The U.S. Department of Housing and Urban Development (HUD) has engaged SEBA Professional Services, a DC-based consulting firm, and DebtX, a full-service loan sale advisor, to market a $2.3 billion portfolio of non-performing residential loans. The loan sale, titled HUD SFLS 2014-2 Part 2, includes roughly 15,000 non-performing single-family mortgage loans with a total unpaid principal balance of $2.3 billion, according to a HousingWire report. According to DebtX, the loans will be sold in eight national pools, with the pools ranging in size from $94.5 million to $804.5 million. The loans are collateralized by properties across the U.S.

"Investor demand for HUD loans remains exceptionally strong, and we expect to see a high level of interest in this portfolio," said DebtX CEO Kingsley Greenland. "DebtX is pleased to support HUD in its efforts to systematically manage its exposure to non-performing residential loans."

"We are pleased to support HUD on its sixth, multi-billion dollar sale of single-family loans in the past 22 months," added Erhiuvie Abu, President and CEO, SEBA Professional Services, LLC.

These sales are "no longer a one-off transaction type for HUD, the agency is now selling billions and billions of dollars of these loans on a regular basis," Greenland told GlobeSt.com in an earlier interview.

For more news and information visit Blumberg Capital Partners.

Gregorie Ferry Landing Project Gets $26M FHA Loan

Grandbridge Real Estate Capital closed on a $26,801,800 first mortgage loan funded through FHA’s 221(d)(4) loan product earlier this month. The loan was secured by the Gregorie Ferry Landing Apartments, a proposed 240-unit, Class "A" mid-rise property in Mount Pleasant, South Carolina.

"A great team of professionals all around made this deal possible. The HUD 221(d)(4) loan process requires a combination of hard work, the right timing and the right team to make the deal work," said Grandbridge Senior Vice President Mike Ortlip. "The borrower, Tony Berry, with the Berry Company, along with the Samet Corporation, a general contracting firm represented by Arthur Samet, David Greene and Alton Tew, and Grandbridge’s FHA Underwriting team lead by Senior Vice President Tim Duncan, all worked together, bringing their unique expertise to the process. This was the first 221(d)(4) transaction in South Carolina to be approved by HUD’s new national loan committee."

For more news and information visit Blumberg Capital Partners.

Children's Hospital Renews, Expands Lease in Philadelphia

Behringer Harvard announced this month that The Children's Hospital of Philadelphia has renewed its current lease at the Wanamaker Building through June 2027 and expanded their leased space to exceed 250,000 square feet in the historic building. Children's Hospital first moved in to the space in 2005. In 2007, Behringer Harvard REIT I, Inc. acquired a majority interest in the building; Amerimar Enterprises, Inc. is one of the ownership partners and also serves as the managing agent for the property.

"The Children's Hospital of Philadelphia has had a distinguished presence in The Wanamaker Building since 2005, and we're pleased they will be with us for many years to come," said Ms. Deidre Hardister, Vice President of Asset Management for Behringer Harvard. "We will continue to provide them with the exceptional service that is a hallmark of the Wanamaker experience."

Completed in stages from 1902-1910, the Wanamaker Building at 13th Street and Market Street in Philadelphia served as the flagship of the John Wanamaker department store empire for decades and was later converted to offices in the 1980s as the need for urban department stores declined. The Wanamaker Building is home to the world's largest operational pipe organ, which is still played daily. Major tenants include U.S. General Services Administration, U.S. Army Corps of Engineers, U.S. Department of Housing and Urban Development, Hay Group, The Weightman Group and McGettigan Corporate Planning.

For more news and information visit Blumberg Capital Partners.