A joint venture comprised of Hudson Realty Capital, a fund manager, and an investment fund managed by Apollo Global Management, has acquired a $200 million portfolio of non-performing, CRE loans and REO properties from United Community Banks, Inc.
The portfolio purchase is the third under the Hudson Realty/Apollo partnership.
This transaction includes nearly 300 positions with collateral spanning several states, including Georgia, Tennessee, North Carolina, Florida and Wyoming. The portfolio is comprised of multiple property types, ranging from office, multi-family and retail, to land and special-use properties.
The acquisition was supplemented with additional debt purchased from a CMBS trust on an Atlanta-area industrial complex.
As manager of the portfolio, Hudson Realty will work to resolve the property loans during the next several years and will manage the assets from the company’s regional office in Fort Myers, Fla.
“We are excited to be partnering with Apollo on this transaction, and expect to achieve the highest potential asset value over the hold period through workouts, restructurings, foreclosures, repositioning and sales,” said Renee Lewis, managing director, portfolio investments at Hudson Realty.
Coburn Packard, a partner at Apollo, said, “This acquisition is closely aligned with one of Apollo’s real estate strategies to pursue opportunistic investments involving operationally complex assets in stable and improving markets nationwide.”
