Reuters: Financial Services and Real Estate: UPDATE 1-Deutsche Bank unit wins Capmark loan sale

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Deutsche Bank unit wins Capmark loan sale May 31st 2012, 21:44 Thu May 31, 2012 5:44pm EDT By Ilaina Jonas NEW YORK May 31 (Reuters) - Deutsche Bank AG said on Thursday it was the winning bidder of a portfolio of loans with a face value of $911 million sold by Capmark Financial Group Inc, ending a fiercely competitive auction process that attracted hedge funds and private equity players. The collection of mostly performing loans are to be sold to Deutsche Bank's Special Situations Group, which deals in more complex real estate financing and buying distressed commercial mortgage debt. "The bank's purchase of this high quality real estate portfolio is to meet the needs of clients of our commercial real estate business," a Deutsche Bank spokeswoman said. The portfolio consists of 57 loans on about 65 properties, sources said. The largest is a $96.8 million mortgage on 26 golf courses owned by a joint venture between Parthenon Capital of Boston and Joe Guerra's Sequoia Golf of Peachtree City, Georgia. That is followed by two loans on Chicago properties: an $80.1 million mortgage on the Double-Tree by Hilton hotel at 300 East Ohio Street and a $48.5 million mortgage on a 523,000 square-foot office building at 1 North State St. The portfolio hit the market last month, when it carried a face value of $930 million. Based on that amount, Deutsche Bank's purchase is valued at about 82 to 83 cents on the dollar, a source said. Deutsche Bank declined to comment on the pricing. A spokesman for Capmark declined comment. Link this Share this Digg this Email Reprints

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