A New York-based real estate fund manager that currently handles more than $2 billion of assets has expanded its business operations by opening new offices in Fort Myers, Fla.
Hudson Realty Capital has not only tripled its office space in the Southeast, the company has added eight more in-house specialists to join the portfolio investments and asset management division.
The company’s expansion was spurred by strong growth in loan servicing and asset management operations. Over the past 14 months, the company has acquired nearly $500 million in nonperforming loans and real estate-owned properties and closed eight major deals.
Among the recent acquisitions made by the company’s Florida office are a $65 million portfolio in New England; about 100 nonperforming loans and REO assets from a Louisiana bank; and a $24 million portfolio from a North Carolina bank.
“Our strategic focus has been on portfolios, with total unpaid principal balance under $150 million, that often include smaller balance credits,” said Renee Lewis, managing director of portfolio investments at Hudson Realty Capital, which focuses on middle-market investments generally in the range of $3 million to $35 million an asset.
“Hudson’s niche has been to service and restructure these middle-market loan portfolios and manage the underlying real estate,” Lewis continued. “We anticipate new opportunities and continued growth in this area of our business for many, many months to come.”
