GE Capital Sells $2.3 Billion Mortgage Portfolio, Deutsche Bank Lead Buyer

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GE Capital has just sold a national portfolio of performing, sub-performing and non-performing mortgage loans with an unpaid principal balance (UPB) totaling $2.3 billion.
 
The portfolio closed with three separate financial institutions.
 
Deutsche Bank AG purchased the largest portfolio, which included 46 performing and sub-performing loans with a current UPB of $1.59 billion. Waterfall Asset Management purchased a portfolio of 265 small balance loans from GE Capital's business property lending unit totaling $565 million in UPB, while Newcastle Investment Corporation purchased two performing loans with a UPB of $157 million, secured by a portfolio of golf courses located across the country. Overall, the portfolio consisted of 313 loans secured by over 450 properties located throughout the United States.
 
Patrick Arangio, vice chairman, and Jack Howard, senior vice president, of CBRE's Midtown Manhattan office, exclusively advised the seller. This transaction represents one of the largest U.S. portfolio loan sales since the credit crisis.