Starwood Capital Group announced this week that it had completed the acquisition of a non-performing commercial loan portfolio from a major Midwest Regional bank. The portfolio, with an outstanding principal balance of $157 million, was purchased for 40 cents on the dollar and consists of 137 commercial loans with concentrations in Florida, Indiana, Michigan, North Carolina and Ohio.
"This acquisition is another example of Starwood Capital Group's ability to create value in today's competitive real estate market while building on the momentum we have achieved with Starwood Global Opportunity Fund VIII this year," said Chris Graham, Managing Director at Starwood Capital Group. "Our real estate expertise and experience resolving and managing underperforming loans allows us to maximize returns for Starwood investors."
For more news and information visit Blumberg Capital Partners.
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