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AEW enters pact with FDIC.

Aldrich, Eastman & Waltch and Secured Capital Corporation have entered into a regional asset liquidation agreement with the FDIC under which they will be responsible for resolving a group of performing and non-performing real estate and business loans in the New York region. The loans have a book value of approximately $300 million and are held by the FDIC in receivership from the American Savings Bank and Riverhead Savings Bank of White Plains.

AEW will act as asset manager and is responsible for maximizing the recovery of capital from the resolution of each loan. Secured Capital Corporation will be part of the management team and will develop and execute capital-market oriented exit strategies for certain of the assets.

Founded in 1981, Boston-based AEW creates and actively manages direct investments in real property on behalf of large institutions, including corporate, labor union and government pension funds, university endowment funds and the RTC.
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Title Annotation:Mid-Year Review & Forecast, Section I; Aldrich, Eastman and Waltch Inc. and Secured Capital Corp. enter into regional asset liquidation agreement with FDIC
Publication:Real Estate Weekly
Date:Jun 23, 1993
Words:150
Previous Article:Heading in a positive direction.
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