AEW acquires $735M portfolio of RTC real estate loans.Aldrich, Eastman & Waltch (AEW AEW Airborne Early Warning AEW Air Expeditionary Wing AEW Airborne Electronic Warfare AEW Agr' Eau' Wat (Canadian agricultural consultant) AEW Amckerns Explosion Wars (Half Life community) ) announced that a partnership of which it is a member has acquired the Resolution Trust Corporation (RTC See real time clock. ) 1993 N-2 portfolio for approximately $490 million. The portfolio consists of 178 real estate loans with a book value of $735 million out of Home Federal Savings and Loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. of San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. . The loans are concentrated among predominantly multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. properties in California and other West coast markets. Participating with AEW as general partner of the joint venture transaction is Secured Capital Corp and the J.E. Robert Company. A group led by Cargill Financial Services has made a major investment in the venture. The AEW partnership which will serve as the controlling partner, purchased a 49 percent interest in the portfolio of performing and non-performing loans. The RTC, through its contribution of the assets, has a 51 percent interest. The remaining $300 million has been funded by bonds that were placed by Salomon Brothers with Utendahl Capital Partners, a minority-owned firm. AEW will oversee the joint venture and handle the larger and more complex assets in the portfolio, while J.E. Robert Co. serves as front-line asset manager. Secured Capital Corp. will manage portfolio disposition activities that have a capital markets orientation. |
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