Printer Friendly

AEW acquires $735M portfolio of RTC real estate loans.

Aldrich, Eastman & Waltch (AEW) announced that a partnership of which it is a member has acquired the Resolution Trust Corporation (RTC) 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 of San Diego.

The loans are concentrated among predominantly multi-family residential 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.
COPYRIGHT 1993 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Aldrich, Eastman and Waltch L.P. acquires Resolution Trust Corporation 1993 N-2 portfolio for $490 million
Publication:Real Estate Weekly
Date:Jul 14, 1993
Previous Article:Meadowlands Hilton sold.
Next Article:Commercial Property Network announces 11 lease deals.

Related Articles
Equitable forms new subsidiary, opens branch office in Honolulu.
AEW enters joint venture.
AEW enters pact with FDIC.
Holiday Inn D.C.
Colliers, AEW unite for office/retail buying spree.
Partners announce first purchase at 229 W 28th.
AEW beefs up Asian hub.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters