MIAMI — In a competitive sale process that generated more than 70 all cash offers in just 35 days, Rhenium Capital, a South Florida-based loan sale advisor, closed three non-performing loan sales on behalf of an institutional special-servicer. “These are truly interesting times for the NPL market,” says Rhenium cofounder Andre Cuadrado. “Cap rates are compressing and deal volume is slowing in the traditional CRE market. Investors are yield-starved, while we are still seeing things like pre-2009 NPLs on note holder’s books. We feel that our success here is a huge neon sign that says, ‘The time to sell your NPLs is now.’” The three notes which were individually sold were secured by retail assets located in Florida, Washington and Idaho, and had a combined face value of $2.7 million.
Original Article HERE: http://www.globest.com/sites/jenniferleclaire/2017/08/08/middle-market-digest-early-this-week-in-florida-36/#!
