Monday, November 23, 2009

Carlton Advisory Services to Sell Condo Project in Puerto Penasco

Beach Buzz -by La Huerita

In the Real Estate category, I have some interesting news. New York, NY-based Carlton Advisory Services Inc. has been retained by two undisclosed Mexican financial institutions to coordinate a sealed bid loan and REO sale of several properties throughout Mexico. One of those is an un-named 99-unit condominium project in Rocky Point just one block from the ocean. Raise your hand if you have a good idea which project that would be...???

UPDATE Nov. 27: The project in question is the Linda Vista Condominiums in Las Conchas. As follows:

ASSET SUMMARY
Property Type Residential Condominium Building
Asset Status Non Performing Construction Loan
Location Camino a las Conchas S/N, Fraccionamiento las Conchas, Puerto Peñasco,
Sonora.
Collateral Description The subject property is a brand new, 99 unit Class A oceanfront condo project
in Puerto Peñasco. The Project is 93% complete.
Updated Appraised Value N/A
Appraisal Date N/A
Borrower Reservas Territoriales, S.A. de C.V.

LOAN SUMMARY
UPB $24,230,000
Original Note Date 9/20/2006
Maturity Date 2/26/2010
Interest Rate TIIE + 5.50%
Lien Type 1st TD
Payment Type Interest Only

In total, the sale of over $46 million of condominium and detached single family residences, single family performing and non-performing single family mortgages and REOs located throughout Mexico will be handled by Carlton.

Apparently the weakening Mexican economy is finally forcing many Mexican financial institutions to follow the US's lead by beginning the process of deleveraging.

Besides the condominium project in Puerto Penasco the assets being offered for sale inclue a partially completed 64-unit detached single family residential community; a pool of 14 performing single family home mortgages; a pool of 96 non-performing single family home mortgages; and a pool of bank-owned 27 single family homes throughout Mexico.

Carlton Advisory Services, Inc., part of the New York, NY-based Carlton Group, provides real estate debt and equity advisory services to the real estate and financial services industry. The firm offers services including debt and equity placement, investment sales, and commercial and residential loan sales. It caters to investment banks, commercial banks, mortgage companies, specialty finance companies, and insurance companies. The firm’s clientele includes Wachovia, Morgan Stanley, Greenwich Capital, Goldman Sachs, Blackacre Capital, Leman Brothers, Bank of America, Shell Oil, and Merrill Lynch. Carlton was founded in 1991 and is headquartered in New York City with additional offices in Los Angeles, California and Palm Beach Gardens, Fl.

It hasn't been a slow week, but it's been an interesting one at my end of things. Mr. La H fractured his foot, the dog got sick and I'm feeling none to perky myself. So you must excuse the recent lack of postings in The Tides. Hopefully things will return to normal soon and I can stop feeling sorry for myself (though I'm quite enjoying that). ;)

In the meantime, that's all the Buzz on the Beach for today.

Peace out...

About Beach Buzz: Not necessarily the news, this is a place for information, opinion, speculation, gossip, tips and other good stuff about Rocky Point, and Mexico in general. If you have something you'd like to share, I'd like to hear from you!

Contact me at lahuerita2@gmail.com

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