AMERSCO, Bankers Trust and Sterling American Properties announce major loan and real estate portfolio acquisitions.DALLAS--(BUSINESS WIRE)--Feb. 24, 1995--AMERSCO INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMMB), Bankers Trust The Bankers Trust is a historic American banking organisation that was acquired by Deutsche Bank in 1998. It was originally set up when banks could not perform trust company services. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Sterling American Properties L.P. have acquired a 49% stake in a $345 million portfolio of non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. held by the Resolution Trust Corporation (RTC See real time clock. ). AMERSCO will also serve as Master and Special Servicer for the acquired assets. In a separate transaction, the same investment team announced it had acquired a loan and real estate portfolio with a total book value of $200 million from Mutual Benefit Life Assurance Corp. The portfolio is composed of 52 performing and non-performing assets. The investment team paid $48.1 million in cash for its stake in the RTC portfolio known as "1994-N2," which consists of a total of 403 mortgages on a variety of commercial properties. The imputed value Imputed value Refers to the value of an asset, service, or company that is not physically recorded in any accounts but is implicit in the product, e.g., the opportunity cost of cash remaining in a savings account and not invested. of the RTC's remaining 51% ownership of the pool is $50.1 million. To finance the balance of the purchase, a partnership between the investor group and the RTC issued $119.5 million of bonds backed by the mortgages in the portfolio. The total value of the transaction is $217.7 million, which equals 63% of the book value of the portfolio. "Profitable investment opportunities still exist in distressed real estate," said Rob Adair, President of AMERSCO. "The key is applying the skill and expertise to work out and recover value in these properties. The partnership between the investor group and the RTC will share cash flows from the mortgages as they are worked out." Adair also noted that AMRESCO will service both the RTC and Mutual Benefit portfolios from its Dallas office. The "1994-N2" stake marks the investment team's fourth major RTC portfolio acquisition since 1992. The combined value of these portfolios is approximately $1.5 billion. In 1994, AMRESCO and its capital partners acquired more than $2 billion in commercial real estate loans, business loans and real estate properties. Headquartered in Dallas, AMRESCO INC. is one of the nation's largest independent providers of asset management services for non-performing and under-performing assets. Through its Holliday Fenoglio and AMRESCO Capital Corp. subsidiaries, the company is also a leader in the origination, sale and servicing of commercial mortgage loans. CONTACT: Morgen-Walke Associates Inc. Paul Steidler, Michelle Manoff, 212/850-5600 |
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