G8 Capital Buys 70 Distressed Condos
G8 Capital purchased more than 70 units of the La Mirage condominium development located in Ridgecrest, Calif., allowing tenants to remain in their homes. The development was originally military housing, which supported the China Lake Naval Base. However, after its conversion into investment properties under straw buyers that receive payment for the use of their credit score during a purchase, the value plummeted and the units began foreclosing. Some tenants were forced out of their homes and into a serious housing shortage that plagued the central California town. After learning of the displaced La Mirage tenants, G8 Capital worked with lenders to acquire the units, and the tenants were allowed to remain in their homes. “We are really pleased to be helping many of the tenants, forced out ultimately because of a fraudulent investor scheme and economic downturn, to stay in their homes,” says Evan Gentry, CEO of G8 Capital, in a corporate release. “Our goal is to acquire a majority of the units in the project, and based on our current discussions we are well on our way to getting this done.” G8 Capital portfolios include distressed mortgage loans, performing loans and real estate owned (REO) property. Write to Jon Prior.