NEW YORK CITY—Harbinger Group Inc. has agreed to acquire a majority interest in CorAmerica Capital, LLC. Terms of the transaction were not disclosed.
CorAmerica is a commercial real estate company investing in both commercial and multifamily senior and mezzanine debt and equity. The firm focuses on originating and acquiring commercial mortgage loans and making select equity investments that increase in value over time, such as offices, industrial complexes, retail centers, apartments and hotels. CorAmerica will have operations in Los Angeles and New York, as well as Des Moines, IA, where the initial efforts to expand its existing lending platform will focus on the commercial whole loan sector.
“The transaction announced today substantially increases the resources that will be available to CorAmerica for executing our vision of achieving returns through a combination of opportunistic and long-term projects in real estate,” says Bill Petak, the co-founder of CorAmerica who will act as CEO and maintain responsibility for day-to-day operations. “We look forward to working with our newest partners at HGI while continuing to provide the same levels attention and high quality service to all of our existing clients.”
“We are extremely pleased to announce our investment in, and partnership with, CorAmerica,” says Omar M. Asali, president of HGI and chairman of HGI Asset Management, which is based here. “CorAmerica will be a key component in our efforts to continue growing and diversifying HGI’s Asset Management business, as Bill Petak and Ross Dworman bring considerable experience in real estate investing and a strong track record of success.”
CorAmerica will remain headquartered in Los Angeles.