Mariner Real Estate Management LLC (MREM), a Leawood, Kan.-based real estate investment and management firm, has closed its second structured purchase of commercial real estate debt in partnership with the Federal Deposit Insurance Corp. (FDIC). The acquired portfolio consists of approximately $101 million in real estate loans, representing the unpaid balance of 62 performing and nonperforming commercial loans located in Washington, Idaho and Utah.
MREM paid approximately $13.6 million (net of working capital) for its initial 25% stake in the limited liability company (LLC) formed by the FDIC. After the return of a multiple of the equity, the receivership's interest in the LLC will decrease to 50% and MREM's interest will increase to 50%. MREM will be responsible for the management, servicing and ultimate disposition of the loans and will utilize its relationship with special servicer Cohen Financial, an S&P-rated servicer with $5.5 billion in assets under management, to manage the day-to-day servicing of the loans.
This is the latest FDIC investment by MREM, which closed three transactions in the second half of 2011 totaling $75 million in equity, including a portfolio of loans secured by 1,200 apartment units located throughout the U.S. and loans on a mixed-use development anchored by Whole Foods in Basalt, Colo. These portfolios in aggregate totaled approximately $200 million in unpaid principal balance. Since 2009, MREM has acquired 1,000-plus loans with an aggregate unpaid principal balance of $1.1 billion.