Sunday, September 25, 2011

We don't need your stinkin' money

The WSJ reports that BofA selling $888 million CRE mortgage portfolio:

A venture of Square Mile Capital Management LLC, Invesco Ltd. and a fund managed by Canyon Capital Realty Advisors LLC is buying the portfolio, a mix of performing and nonperforming loans tied to 32 properties, the person said. The buildings include the eight-story Renaissance Centre office building in Wilmington, Del., and the Bank of America Tower in St. Louis, which is not owned by the bank.


The buyers have been active lately: New York private-equity firm Square Mile recently was part of a team that bought a 4,700-unit distressed apartment portfolio in the Midwest, while Dallas-based Invesco in June bought into 230 Park Ave. in Manhattan, an office building.

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