Bluestone expanding presence in non-performing loans market.

The Bluestone Group announced the recent acquisition of two non-performing note portfolios.

One note a $21,250,000 purchase, was secured by various nationwide properties while the other $4,500,000 purchase was secured by one asset in upstate NY.

During the past year Bluestone, a New York based company, has pursued the acquisition of non-performing notes and distressed assets.

"Bluestone is rapidly expanding its presence in the NPL (non-performing loans) market and has executed the purchase and workout of several opportunities in the past six months," says Eli Tabak, a partner and co-founder of Bluestone.

"Being a non-institutional player allows us to be more creative in structuring a deal as well as the ability to underwrite and execute a transaction with greater speed than our institutional competitors, and we find that to be advantageous to a distressed seller."

Marc Mendelsohn, another principle at Bluestone, added, "These new acquisitions fit with our strategic plan of identifying underlying assets that have the ability to perform and to reposition them upon the eventuality of taking title.

"We buy well situated assets primarily in major northeast markets and process the entire transaction in house from due diligence to workout and asset management" adds Mr. Mendelsohn

Bluestone currently has contracts and offers pending on three additional properties and is actively seeking acquisition opportunities.

"We plan on acquiring $250,000,000 worth of non-performing notes secured by commercial real estate assets and look forward to hearing from lenders about their dispositions as well as potential investors who want to be involved in our investment activities" explained-Tabak.