NEW YORK CITY—C-III Capital Partners LLC has expanded its platform once again with the closing of its acquisition of Resource America Inc., an asset management company whose portfolio includes one publicly traded REIT and four non-traded ones.  The deal was first announced in late May.

Calling the deal “a transformative acquisition” for his company, C-III chairman and CEO Andrew Farkas says, “With our expanded platform, we are now able to provide commercial real estate debt and equity solutions to both institutions and retail investors. Today, we are well-positioned for further growth and to better serve the needs of our clients, and as well as those of the evolving commercial real estate industry.”

The purchase price of $9.78 per share, or approximately $207 million, represented a premium of over 128% from Resource America's closing price on Jan. 28, the day before it announced it would be reviewing strategic alternatives, and a 51% premium over its closing price on May 20, the last business day prior to the C-III announcement. Shareholders in Philadelphia-based Resource America approved the acquisition late last month. The company's stock ceased trading on Thursday.

When the deal was first announced, Resource America's president and CEO, Jonathan Z. Cohen, cited Farkas'  “30-year track record of acquiring and enhancing businesses and helping them flourish. This transaction should enable Resource America to focus on reaching a new level of excellence, which will benefit our employees, customers and partners.” C-III's Robert Lieber has succeeded Cohen as president and CEO of Resource Capital Corp., Resource America's publicly traded REIT.

The addition of Resource America's asset management business to C-III's suite of commercial real estate services will enable the new ownership to leverage Resource America's existing capital-raising infrastructure through its independent broker-dealer network. Along with five REITs, the Resource America includes two other registered investment companies.

C-III's portfolio of companies illustrates Cohen's observation. It's one of the country's largest special servicers of CMBS, working on behalf of more than 100 CMBS trusts comprising $95 billion of commercial real estate loans. C-III manages $3.8 billion in funds and structured product vehicles that focus on commercial real estate equity and debt investments including nine real estate debt funds, four real estate equity funds, one hybrid debt and equity fund and a private REIT, along with CRE-CDOs and ReREMICs. Since inception in 2010, C-III has originated $4.6 billion in mortgages and manages funds that have acquired approximately $10 billion face amount of CMBS bonds.

Through US Residential, C-III manages more than 40,000 multifamily units nationwide. With the NAI Global brand, the company has more than 375 offices worldwide, with over 6,700 professionals, managing over 380 million square feet of property. C-III's online marketplace, Real Capital Markets, has closed $1.6 trillion in real estate asset and loan sales since its inception in 1999.

In connection with the acquisition by C-III, Evercore served as exclusive financial advisors to Resource America, while Wachtell, Lipton, Rosen & Katz served as its legal advisors. Proskauer Rose LLP served as C-III's legal advisors in connection with the acquisition.

More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in New York City. Learn more.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

NEW YORK CITY—C-III Capital Partners LLC has expanded its platform once again with the closing of its acquisition of Resource America Inc., an asset management company whose portfolio includes one publicly traded REIT and four non-traded ones.  The deal was first announced in late May.

Calling the deal “a transformative acquisition” for his company, C-III chairman and CEO Andrew Farkas says, “With our expanded platform, we are now able to provide commercial real estate debt and equity solutions to both institutions and retail investors. Today, we are well-positioned for further growth and to better serve the needs of our clients, and as well as those of the evolving commercial real estate industry.”

The purchase price of $9.78 per share, or approximately $207 million, represented a premium of over 128% from Resource America's closing price on Jan. 28, the day before it announced it would be reviewing strategic alternatives, and a 51% premium over its closing price on May 20, the last business day prior to the C-III announcement. Shareholders in Philadelphia-based Resource America approved the acquisition late last month. The company's stock ceased trading on Thursday.

When the deal was first announced, Resource America's president and CEO, Jonathan Z. Cohen, cited Farkas'  “30-year track record of acquiring and enhancing businesses and helping them flourish. This transaction should enable Resource America to focus on reaching a new level of excellence, which will benefit our employees, customers and partners.” C-III's Robert Lieber has succeeded Cohen as president and CEO of Resource Capital Corp., Resource America's publicly traded REIT.

The addition of Resource America's asset management business to C-III's suite of commercial real estate services will enable the new ownership to leverage Resource America's existing capital-raising infrastructure through its independent broker-dealer network. Along with five REITs, the Resource America includes two other registered investment companies.

C-III's portfolio of companies illustrates Cohen's observation. It's one of the country's largest special servicers of CMBS, working on behalf of more than 100 CMBS trusts comprising $95 billion of commercial real estate loans. C-III manages $3.8 billion in funds and structured product vehicles that focus on commercial real estate equity and debt investments including nine real estate debt funds, four real estate equity funds, one hybrid debt and equity fund and a private REIT, along with CRE-CDOs and ReREMICs. Since inception in 2010, C-III has originated $4.6 billion in mortgages and manages funds that have acquired approximately $10 billion face amount of CMBS bonds.

Through US Residential, C-III manages more than 40,000 multifamily units nationwide. With the NAI Global brand, the company has more than 375 offices worldwide, with over 6,700 professionals, managing over 380 million square feet of property. C-III's online marketplace, Real Capital Markets, has closed $1.6 trillion in real estate asset and loan sales since its inception in 1999.

In connection with the acquisition by C-III, Evercore served as exclusive financial advisors to Resource America, while Wachtell, Lipton, Rosen & Katz served as its legal advisors. Proskauer Rose LLP served as C-III's legal advisors in connection with the acquisition.

More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in New York City. Learn more.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.