Success Stories

Investment Sales:

Non-Performing Note Sale

A special servicer affiliate of Situs, the Texas-based commercial real estate loan servicer, held 9 non-performing notes on 8 multi-family properties in the cities of Yonkers, Mount Vernon, and Pelham, NY. There were 6 different mortgage holders in various states of the foreclosure process, and the underlying properties had significant deferred maintenance.

Despite the complexities of the deal, Admiral created marketing materials that were easy to understand and offered convenient note groupings to appeal to a variety of investors. We obtained over 20 well-qualified offers, ultimately selling the notes to a single investor and significantly reducing the servicer’s closing costs and time line.

Investment Sales - Non-Performing Note Sale


  • The special servicer, working on behalf of a large international bank, did not want to step in to the chain of title by foreclosing on the properties.
  • However, since the notes were in various states of foreclosure, buyers were leery about the costs to complete the process.
  • Moreover, the underlying properties had significant deferred maintenance.


  • We received over 20 well-qualified offers, some for single notes/properties and others for larger positions in the portfolio.
  • We analyzed all of the offers, compared their relative strength and assessed whether or not it was financially better for the bank to sell individually or in bulk to one buyer.
  • The par value of the collateralized notes was $5,027,766. Ultimately, the entire portfolio was sold to a single investor, which also reduced closing costs for the special servicer.
  • Because buyers sometimes only invest in one municipality or like to buy properties at the same stage of the foreclosure process, we offered the notes in three ways: in smaller pools grouped by city and by status in the foreclosure proceeding, and as an entire portfolio.