Charlotte-based commercial mortgage lender, Real Estate Capital Company, sees a surge of activity in its newly created Loan Acquisitions Group.
Real Estate Capital Company has partnered with a CMBS/MBS investment banking firm and together is purchasing performing and sub-performing commercial real estate (CRE) note pools and performing and non-performing residential note pools.
“We naturally understand the inefficiencies in the existing debt environment and the absence of an active secondary market. And we recognize the struggles that banks, both large regionals and smaller community banks, are facing as their CRE notes near maturity,” says Real Estate Capital Company executive managing director, Jeffrey Pirhalla. “For many banks, there is little opportunity to re-cast or extend these notes, and a whole loan disposition is the most optimal strategy. We review these pools and discretely secure multiple bids from the investment funds we represent.”
“We have built and maintained strong relationships with our secondary market lenders”, said Darryl Boukedes, co-director of the company. “This foundation, combined with our investment banking partnership, gives us the ability to intimately facilitate trades directly between buyer and seller.” Currently, the company has approximately $1.7 billion in loan pools slated for sale over the next sixty days. “The loan pools represent a full segmentation across all asset classes,” Boukedes said.
The company is also in the initial stages of assembling a fund that will acquire value–added and under-performing income producing properties and REO in key markets. “Under this fund, we will manage acquired assets with a view to a three-year holding period during which time we will reposition and stabilize properties for an eventual disposition,”
