Hudson Realty Capital LLC Closes on the Purchase of a $102 Million Portfolio of Commercial Real Estate Loans From the FDIC
New York City-Based Company First to Win FDIC-Structured Sale.
- New York, NY (1888PressRelease) December 17, 2010 - Hudson Realty Capital LLC, a real estate fund manager headquartered in New York City, has closed on the purchase of 109 commercial real estate loans with an unpaid principal balance valued in excess of $102 million in partnership with the Federal Deposit Insurance Corporation (FDIC). A Minority-Owned Business Enterprise (MBE), Hudson was the successful bidder for the FDIC Multibank Commercial Real Estate Venture Loan and Real Estate Owned (REO) Structured Transaction, Southeastern Pool and is the first certified minority-owned business that has won an FDIC-structured sale.
The portfolio was acquired by the FDIC from seven failed bank receiverships and consists primarily of non-performing 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 headed by one of its existing senior asset managers. The company will work to resolve the portfolio during the next several years.
"Using our best-in-class asset management expertise and experience, Hudson will work to achieve the highest asset value and return over the hold period through workouts, foreclosures, repositionings and sales," said Renee Lewis, managing director and head of Hudson's asset management department.
Hudson focuses on middle-market opportunistic real estate investments often neglected by larger institutions. The company originates, purchases, participates in, services and restructures special-situation debt. A premier real estate fund manager, Hudson also invests directly in real estate and acquires under-performing 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," said Managing Director Spencer Garfield, who oversees the company's new loan originations, business development and business relations. "Utilizing our exceptional diligence and asset management teams will give us a competitive advantage in purchasing and realizing on these portfolios."
In each investment, the company employs a disciplined risk management strategy in order to protect the downside and realize healthy risk-adjusted returns. Hudson invests coast-to-coast primarily in office, retail, industrial and multi-family. The company also selectively invests in other real estate asset classes.
Hudson is expanding its asset management and origination capabilities by opening a new office in Fort Myers, Florida. The company also is aggressively pursuing additional distressed debt assets and loans held by the FDIC as well as other institutional lenders and private investors.
As a result of these initiatives, Hudson has recorded several significant high-yield debt transactions in the last half of 2010. These include purchasing a $33 million note secured by 109 partially completed age-restricted condominium units in Clifton, N.J.; funding a $9.17 million bridge loan for the acquisition and renovation of a 370-unit garden apartment complex in Austin, Texas; and closing a $2.8 million first mortgage loan secured by an 8.9-acre industrial park in Staten Island, N.Y.
Based in Manhattan, with northeast operations in Portland, Maine, Hudson has closed more than $3.5 billion in transactions since the formation of its initial two funds in 2002. The company currently has more than $2 billion of assets under management. Established as an MBE and certified by the Empire State Development Agency, Hudson has been named among the New York Area's largest privately held companies and largest minority owned companies, as well as one of the Top 25 lenders nationally.
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