In partnership with the Federal Deposit Insurance Corp. (FDIC), Hudson Realty Capital LLC, a New York-headquartered real estate fund manager, has closed on the purchase of 109 commercial real estate loans with a combined unpaid principal balance valued in excess of $102 million. Hudson is the first certified minority-owned business enterprise to have won an FDIC-structured sale.
The portfolio was acquired by the FDIC from seven failed bank receiverships and consists primarily of nonperforming loans. Predominantly located throughout Florida and Georgia, the assets include a mix of commercial real estate properties, ranging from office buildings to retail centers and land. As the manager of the portfolio, Hudson will be opening a branch office in Florida, which is to be headed by one of its existing senior asset managers. The company says it will work to resolve the portfolio during the next several years.
Hudson originates, purchases, participates in, services and restructures special-situation debt, as well as invests directly in real estate and acquires underperforming assets and other real-estate-related instruments.
‘While we have been focused on one-off new loan originations and purchases, we expect the purchase of distressed pools of assets to become a larger portion of our business,’ says Managing Director Spencer Garfield, who oversees the company's new loan originations, business development and business relations.
The company says it is pursuing additional distressed debt assets and loans held by the FDIC, as well as other institutional lenders and private investors.
SOURCE: Hudson Realty Capital LLC