Mariner Real Estate Management, a real estate investment management firm based in Kansas, announced this week that it had closed on the purchase of approximately $101 million in real estate loans in partnership with the Federal Deposit Insurance Corporation (FDIC). The portfolio is the second structured purchase of commercial real estate debt the company has executed with the FDIC. The first joint acquisition was in September 2010, when it paid $52 million for a 40% stake in an FDIC loan portfolio with an unpaid balance of $762 million. That investment, according to a Kansas City Business Journal article, had a seven-year life span, and Mariner Real Estate hopes for an overall return on the investment of 15-25%.
The acquired portfolio covers the unpaid balance of 62 performing and non-performing commercial loans located in Washington, Idaho and Utah. According to Mariner, the company paid an initial 25% stake in the limited liability company formed by the partnership with approximately $13.6 million. Since 2009, Mariner has acquired 1,000 plus loans with an aggregate unpaid principal balance of $1.1 billion.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment