New York & Tri-State + Midtown New York + Finance | June 3, 2020

AG Mortgage REIT Sells $465M Pool of Loans

A unit of AG Mortgage Investment Trust (MITT) has sold a pool of loans with an unpaid principal balance of $465 million. The purchaser was UMB Bank, acting as legal title trustee for LVS Title Trust XIII.

The mortgage REIT, headquartered in Midtown Manhattan, used net proceeds of approximately $383 million to repay debt and assorted payables secured by the loans. As MITT announced in early May, the loans were sold on a whole loan, servicing-released basis.

In late March, amid turmoil in the financial markets brought on by the COVID-19 pandemic, MITT said it was exploring a sale of assets to help it meet “an unusually high number of margin calls from financing counterparties.”

The company later entered into a forbearance agreement with lenders, which has now been extended to June 15.

Pictured: MITT headquarters at 245 Park Ave.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).