Hudson Realty Capital LLC, in partnership with the Federal Deposit Insurance Corp., has closed on the purchase of a pool of distressed Southeastern commercial real estate loans with an unpaid principal balance valued at more than $102 million.
The full purchase price of the 109 loans sold into the FDIC/Hudson joint venture is approximately $18.36 million, according to Hudson’s e-mailed response to a question from this publication.
The loan and real estate owned portfolio is largely nonperforming and comes from seven failed bank receiverships. The portfolio is predominantly located throughout Florida and Georgia and includes a mix of commercial real estate properties ranging from office and retail to land.
Hudson said the transaction makes it the first certified minority-owned business that has won an FDIC–structured sale. The company also said it would be opening a branch office in Fort Myers, Fla., to manage the portfolio as well as expand its asset management and origination capabilities. It said it plans to work to resolve the portfolio during the next several years.
