Asset Revitalization Solutions, an Austin, Texas-based company that specializes in distressed asset investments and management, acquired $10 million in distressed loans in Florida.
The commercial real estate loan portfolio consists of 18 properties that is primarily office space.
Prior to this acquisition, the company purchased an $18 million portfolio in Florida, bringing its 2011 total in distressed loans to approximately $30 million.
“The Florida economy is coming back,” said Cathy Vann, CEO of Asset Revitalization Solutions. “We're seeing stabilization and growth in our assets there and have reason to believe that the trend will continue.”
Partnered with Shay Investment Services, a Miami-based broker dealer and asset management consultancy, ARS said it plans to continue pursuing asset purchases in the Florida market and across the nation to assist banks in cleaning up their balance sheets.
To enhance its service to the Florida banking community, Asset Revitalization Solutions added Albert Bueno to its acquisitions team. Bueno provides more than 20 years of commercial real estate lending experience in bank and CMBS conduit origination and distressed asset management.
ARS has liquidated more than $15 billion in distressed assets over the past two decades in the secondary market from banks and CMBS special servicers in strategic partnerships with financial institutions and accredited investors.
