Younan Finance's parent company Younan Properties Inc. acquired Thanksgiving Tower at 1601 Elm St. in February 2007. The Los Angeles, CA firm will continue managing the 50-story CBD class A office asset following the note acquisition.
"This is the first of several favorable debt acquisitions we will be making over the next few months," said Zaya S. Younan, chairman and CEO of Younan Properties in a release about the contract. " With the dislocation in the credit markets that began last August, we have an excellent opportunity to participate at a level below the market value of a Class A office asset and with a return on investment that is compelling and will benefit our investors."
Younan Properties formed the Younan Finance Group to acquire debt and debt-related securities backed by commercial real estate. The group's goal is to invest up to $200 million in performing and underperforming office loans throughout the country. Transactions will range from $5 million to $50 million.
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