FirstBank Puerto Rico has picked mortgage banking firm HFF to market 501 mixed-quality commercial and residential mortgages, Commercial Real Estate Direct reports. The mortgages have $378 million outstanding against properties in Puerto Rico. The loans in the portfolio were disbursed to 374 borrowers.
HFF has partitioned the portfolio into three pools, comprising $89.7 million, $139.9 million and $148 million. Final bids will be due in late January and sales could be completed in February. HFF’s Chicago and Miami offices are managing the offering.
Click here for the story from Commercial Real Estate Direct.