Hilco Forms Distressed Property Fund

Hilco Real Estate LLC, Chicago, has announced the formation of Hilco Residential Partners LLC, a residential real estate investment fund chartered to purchase distressed residential properties and debt. The size of the investment fund, a joint venture with Chicago-based Real Estate Principal Solutions LLC, was not disclosed. Hilco said three classes of distressed assets will be acquired from lenders: real estate owned portfolios of single-family and multifamily properties, condominiums, and senior housing; closeout units in a residential development; and nonperforming notes on single-family and multifamily projects. "Our goal is to provide immediate balance sheet relief for lenders and eliminate their further involvement with the costs of real estate ownership," said Navin Nagrani, vice president of Hilco Real Estate. "Our nationwide property management and marketing infrastructure enables us to monetize acquired assets more quickly and with less cost, which means the fund can pay more for distressed portfolios." Hilco can be found online at http://www.hilcorealestate.com.