Real Estate Fund Manager Closes Eight Major Deals to Acquire $500 Million in Distressed-Asset Portfolios
NEW YORK, N.Y. – April 24, 2012 – (RealEstateRama) — Hudson Realty Capital LLC (Hudson), a real estate fund manager with more than $2 billion of assets currently under management, reported strong growth in its loan servicing and asset management operations. Over the past 14 months, Hudson has closed on eight major deals, acquiring $500 million in portfolios of non-performing loans and real estate owned (REO) properties.
Among the recent acquisitions made by Hudson’s Fort Myers, FL, office are a portfolio of more than 50 performing and non-performing loans purchased from a New England-based community bank; a $70 million acquisition of non-performing loans and REO assets from a Louisiana bank; and a $24 million portfolio of unpaid principal balance from a North Carolina bank.
“Hudson’s strategic focus on middle-market investments has enabled us to become one of the nation’s most active capital providers in this market,” said Renee Lewis, managing director, portfolio investments. “We have the expertise to manage the underlying real estate, and we know how to service and restructure special-situation debt. Bringing together these areas of expertise allows us to move with speed and surety in targeting distressed-asset portfolios.”
The company’s recent acquisitions involved purchases of sub-performing assets from community banks after a merger or recapitalization, as well as institutions that were seeking to improve their balance sheets. In addition, each portfolio involved less than $100 million in unpaid principal balance and included small balance loans.
As a result of the growth in its loan servicing and asset management operations, Hudson recently expanded the company’s Florida office, tripling its office space and hiring six widely respected industry veterans. “Distressed-asset acquisition and management is an area of robust growth for the coming two to three years,” noted Lewis. “We are prepared to take a dominant position in the market.”
Established in 2003, Hudson has closed more than $3.5 billion in transactions since the formation of its initial two funds. The company focuses on middle-market investments, generally in the $3 million to $35 million per asset range. Activities include originating, purchasing, participating in, servicing and restructuring special-situation debt. In addition, the company is active in large loan-portfolio acquisitions and asset management activities. Hudson also invests directly in real estate and acquires under-performing assets and other real estate-related instruments.
Headquartered in New York City, Hudson maintains regional offices in Portland, Maine and Fort Myers, Florida. The company 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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Media Contact:
Carin McDonald / 201-796-7788 / carin (at) caryl (dot) com
