Challenges: Friedman was engaged by the client to market for sale a portfolio of loans collateralized by 10 individual assets throughout Pennsylvania, New York and Massachusetts. The portfolio included a group on major office properties in the Pittsburgh CBD. Sale of this group of loans was very important, because it had a material impact on the selling bank’s financial condition. The loan documents also placed significant limitations on the universe of potential note purchasers for the bank, and FDIC regulatory matters also imposed some limitations on the sale process.
Solutions: Through its national marketing platform, Friedman’s Investment Sales Division presented the opportunity to local, regional and national buyers of performing and sub-performing notes. Friedman’s intimate knowledge of each property and market created a highly competitive environment that yielded multiple offers, maximized value and secured the notes for the seller.
Results: After several best and final rounds of offers, and through a highly complex deal structure negotiated by Friedman, the borrower emerged as the winning bidder and the acquisition successfully closed.