Equity investment firm Mountain Real Estate Capital acquired 150 performing and non-performing residential loans valued at $100 million in total balance this past week.
The loans are backed by residential development properties located in Raleigh, N.C., and in parts of South Carolina.
The transactions add to MREC’s growing ownership of distressed notes and assets. In the past two years, the firm bought assets in 10 states and from 30 financial institutions.
“Fourth quarter note closings are what we gear up for all year,” said Peter Fioretti, MREC’s CEO.
“Last year we closed $75 million of distressed notes on the last business day of the year,” added Fioretti. “We have offices nationally and our in-house underwriting and asset management teams are composed mostly of former GMAC REO professionals whose group we acquired in 2009. This allows us to quickly assess these A&D portfolios and gives us an advantage over less experienced opportunity funds.”
The company said it has the capitalization levels appropriate to acquire $1 billion in distressed notes and assets.
Charlotte-based MREC is focused on acquiring bank REO portfolios, joint-ventures with national and regional homebuilders and assets on its own or through joint-partnerships with developers.
Write to Kerri Panchuk.
