Mariner Real Estate Management recently closed on its second structured purchase of commercial real estate debt with the Federal Deposit Insurance Corporation.
The acquired portfolio consists of approximately $101 million in real estate loans, representing the unpaid balance of 62 performing and non-performing commercial loans located in Washington, Idaho and Utah.
The real estate investment management firm based in Leawood, Kan. paid approximately $13.6 million for its initial 25% stake in the limited liability company formed by the FDIC. After the return of a multiple of the equity, the receivership’s interest in the LLC will decrease to 50% and MREM’s interest will increase to 50%.
MREM will be responsible for the management, servicing and ultimate disposition of the loans and will utilize its relationship with special servicer Cohen Financial, an S&P-rated servicer with $5.5 billion in assets under management, to manage the day-to-day servicing of the loans.
Besides the new investment with the FDIC, MREM closed three transactions in the latter half of 2011 totaling $75 million in equity. Since 2009, MREM has acquired 1,000 loans with an aggregate unpaid principal balance of $1.1 billion.
