When asked about latest trends in distress real estateinvestment, Wayne B. Heicklen, co-chair of the real estate groupwith New York law firm Pryor Cashman tells about the back and forthnegotiations between a troubled bank and an eager private equityinvestor over a few distressed assets.
The firm had its eye on certain assets in a portfolio ofnon-peforming loans held by a financial institution on Long Island.It quickly found, though, that the bank’s price expectations weretoo stringent, so it gave up.
Then the bank merged with another, so Heicklen’s client triedagain, and found the new ownerships more amendable to a sale. Butthe private equity company’s original idea of acquiring just forthe best assets about the group? As the locals sometimes say,fuhgettaboutit.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
