Can Quicken Loans save Detroit?

Can Quicken Loans save Detroit?

Forbes: “Dan Gilbert is saving Detroit to help his business”

Suspect arrested in case of missing Arkansas Realtor

No word on Beverly Carter; suspect is on parole for theft

Monday Morning Cup of Coffee: Love or loathe – Reverse mortgages, Holder’s legacy

Plus, a week of critical housing and mortgage finance metrics ahoy
W S

Marathon Acquires Two Distressed Commercial Property Loans

/ Print / Reprints /
| Share More
/ Text Size+
Marathon Asset Management acquired two commercial real estate debt investments. The acquisition is part of the firm's continued focus on real estate-related debt opportunities that capitalize on the ongoing dislocation and distress in the US commercial real estate debt markets, Marathon said in a statement. The firm acquired a defaulted note collateralized by a residential condominium and rental project in St. Petersburg, Florida. Marathon said it expects to negotiate a settlement with the borrower or otherwise assume control of the project. "This investment demonstrates our team's capabilities and experience to underwrite and invest in transitional real estate and to acquire outstanding debt in a manner that solves a problem for an existing lender and affords an opportunity to effectuate a restructuring that over time should provide a unique opportunity for our investors," said Marathon Real Estate co-head Ron Bernstein. "It is consistent with our strategy of working with lenders to acquire non-performing distressed debt on high-quality real estate located in major metropolitan areas." Marathon also originated a $24m senior mortgage secured by a 386-room, 13-story hotel in New York. Proceeds of the loan were used repay the existing senior mortgage from a third-party lender. "[T]he hotel borrower had the opportunity to take advantage of an attractive, discounted pay-off opportunity, but needed to obtain the required funds in less than a month," said Marathon Real Estate co-head Scott Schwartz. "By working with the borrower to reliably structure and execute loans under tight time constraints in a manner that fit its needs, Marathon provided a new money lending solution that was accretive for this borrower." Write to Diana Golobay.

Recent Articles by Diana Golobay

Comments powered by Disqus