(Bloomberg) -- Shelter Growth Capital Partners LLC is exploring the sale of a U.S. commercial real estate loan portfolio with a face value of $711 million, according to people with knowledge of the matter and a marketing document sent to prospective buyers.
The Stamford, Connecticut-based firm, led by Chief Executive Officer Dan Sparks, is working with Eastdil Secured on marketing the portfolio of 18 mezzanine and senior mortgage loans secured by multifamily, hospitality, student-housing, office, senior-living and other properties, about a quarter of which are in California, the document shows.
A spokesman for Shelter Growth had no immediate comment and an Eastdil spokesman declined to comment.
The potential transaction is being explored in part to test the appetite of institutional investors such as real estate credit funds, said one of the people, who asked not to be identified because the talks are private. The portfolio has been split into four pools: performing senior loans, construction loans, performing mezzanine loans and hospitality loans. The debt has a weighted average maturity date of March 2024 and weighted average coupon rate of 6.6%, the document shows.
Sparks, a former Goldman Sachs Group Inc. partner who led the firm's mortgage arm, founded Shelter Growth with Kevin Gasvoda and Justin Mahoney, also Goldman veterans.
Amid market disruption caused by the Covid-19 pandemic, some firms with commercial real estate credit holdings have sought liquidity through loan-portfolio sales. Last month, hotel-focused firm HDDA LLC sought buyers for a $325 million portfolio of performing and nonperforming loans, and Bayview Asset Management LLC put a roughly $430 million loan portfolio on the block.
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