SAN DIEGO-Locally based Pathfinder Partners has closed on loan acquisitions and REO purchases of five multifamily properties in four states, with aggregate loan balances on the transactions exceeding $60 million. The five properties―three acquired through loan purchases and two from lenders and bank REO departments―are in Los Angeles and the Coachella Valley (near Palm Springs), CA; Orlando, FL; Portland, OR; and Norman, OK.

Mitch Siegler, senior managing director of Pathfinder, detailed the purchases:

A $12.5 million senior loan on Hewitt Street Lofts with 33 partially constructed lofts in L.A.'s Little Tokyo district. Pathfinder and its partner will conclude the foreclosure, complete construction and market the units for sale.

An approximately $27 million senior loan on Crimson Park, a 268-unit, 792-bed resort-style student housing project in Oklahoma City. Pathfinder and its partners will conclude the foreclosure process, complete deferred maintenance and “aggressively lease the units,” the company says.

A $6.9 million senior loan on Hawthorne Lofts, a newly constructed 27-unit loft project in the Hawthorne District of Portland, Oregon. Pathfinder will enforce the terms of the loan with the current borrower.

Valencia Homes, a detached residential subdivision project in Coachella Valley, near Palm Springs consisting of 22 partially completed single family homes and 50 finished lots. Pathfinder and its partner are currently completing construction and marketing the homes for sale.

Isis Condominiums, a 41-unit, new condo project in Orlando, FL that includes 6,500-square feet of retail space. Pathfinder and its partner have concluded the acquisition and the project is now 100% leased.

According to Siegler, each acquisition was completed in just a few weeks on an all-cash basis and was financed, in part, with capital from various Pathfinder Partners Opportunity Funds. "For all of the investments except Isis Condominiums, we plan to make major improvements, completing construction or deferred maintenance and aggressively marketing the homes or units for sale or lease," he added.

Pathfinder has raised two opportunistic real estate investment funds since 2007, and the company is poised to continue its rapid expansion, Siegler says. The company is concentrating on acquiring distressed assets and defaulted loans from lenders and special servicers.

Since its founding in 2006 by Mitch Siegler and senior managing director Lorne Polger, Pathfinder has acquired more than $250 million in defaulted commercial real estate loans and REO properties and currently owns and operates more than 1,000 units in California, Florida, Texas, Colorado, Oregon and Oklahoma. Pathfinder is seeking investment opportunities in these markets, as well as in Arizona, Nevada and Washington.