Our September 16th episode features some of the CRE’s top note sale experts on navigating the current loan note landscape.
Crexi’s PRO Perspective series explores various aspects of the commercial real estate industry in conversation with some of the top CRE professionals in the industry. In each episode, we feature different guests to tap into their wealth of CRE expertise and explore the latest trends and updates from the world of commercial real estate.
In this episode, Crexi’s Mike DeGiorgio and Brandy Smith sit with Patrick Arangio of CBRE, Will Sledge of JLL, James Dunbar of Värde, Angela Gonzales of Trimont, and Nicholas Seidenberg of Eastdil Secured to discuss all things note sales. Some key takeaways include:
- In many cases, banks and financial institutions see the act of selling a note as preferable to taking a distressed property through the lengthy, reputationally risky process of commercial property foreclosures.
- Financial institutions examine note sales on a case-by-case basis to take action that will most help mitigate losses. However, not all note sales are of distressed assets — there are strategic reasons to transact loan notes for performing assets.
- There’s currently a ferocious market of buyers waiting to take advantage of purchasing notes: capital-wise, both banks and investors are well-positioned to transact on properties while seeking the ideal opportunity.
- Some disadvantage property types, such as the hospitality industry, will see some exciting opportunities in terms of asset class performance, despite their current challenges.
Check out the episode here:
About Patrick Arangio:
Patrick Arangio serves as Vice Chairman of the National Loan and Portfolio Sale Advisory practice at CBRE. For over 19 years, Patrick has advised and placed more than $30 Billion in CRE loans and real estate portfolios in secondary markets.
As the lead transaction manager and advisor on over 250 large sale assignments, Patrick has curated sales and marketing strategies for diverse institutional lenders, servicers, and corporate clients. He specializes in performing and non-performing loan sales and REO assets across property types located throughout North America. Since 2010, he has included large scale, strategic commercial real estate portfolio sales as part of its practice.
Patrick oversees all phases of the sale process, including developing future sales strategies, institutional contact liaison, capital markets implementation, negotiation and closing with buyers/sellers, portfolio structuring, and financing on behalf of the sellers with all related advisory functions.
About Will Sledge:
Will is a Senior Managing Director in New York, Houston, and Mobile, Alabama, offices of JLL Capital Markets. In this role, Will advises banks, life companies, special servicers, GSE’s, and other financial organizations in the valuation and sale of performing, sub- and non-performing commercial, consumer, C&I, ELF, and residential mortgage loans and CRE REO. Over his career, Will has successfully managed over $10 billion in assignments. Will also sources and operates debt and equity finance opportunities nationwide.
Will joined JLL in June 2020 after working for 17 years at Mission Capital Advisors, where he led business development and execution.
About James Dunbar:
Jim Dunbar serves as Senior Managing Director of Värde’s Mortgage team. He is responsible for navigating all commercial real estate debt strategies, including loan origination, trading, and structured finance. He has also led many investments in CRE operating companies, hospitality assets, and non-performing loans.
Before joining Värde in 2010, Jim was an SVP at Chicago-based Macquarie. He held multiple roles within its commercial real estate business, including leading CRE investments with joint venture partners, developing business initiatives, and establishing real estate investment trusts. Before Macquarie, Jim worked at Salomon Smith Barney/Citigroup in the organization’s investment banking division in New York and Sydney.
Jim earned his Bachelor of Science from Boston College.
About Angela Gonzales:
Angela Gonzales is the Director of Credit & Asset Management at Trimont Real Estate Advisors. Angela is an experienced senior asset manager with many years’ experience in the commercial real estate industry. Angela has a strong finance background, experience in asset management, CMBS due diligence, and navigating defaulted commercial real estate loans through receivership, foreclosure, or REO disposition.
Angela earned her BA from the University of Kansas.
About Nicholas Seidenberg:
Nicholas is the Managing Director at Eastdil Secured, a commercial real estate investment banking company serving high-profile clients nationwide. Nicholas earned his Bachelor of Science from Cornell University and his MBA from New York University.
Crexi is a commercial real estate (CRE) property marketing and deal management platform that combines an active marketplace for sale and lease properties with powerful property marketing, deal management, and market intelligence tools designed to help brokers, buyers, and tenants eliminate time-consuming processes and close deals faster.