HYATTSVILLE, MD-Last night we reported that First Market Properties acquired a string of 1,082 multifamily units located across Prince George's County in six complexes. We have learned since then that the portfolio was the former Sawyer portfolio and it traded for "less than $72 million" according to a source.
First Market Properties acquired the portfolio from the special servicer, CWCapital. The properties wound up at the special servicer because of a maturity default in 2009, the source says. The loan originated in 2004.
GlobeSt.com also caught up with First Market Properties principal, Aaron Kurlansky, who said that the company's first order of business is to place debt on the portfolio as it had to close quickly and in cash. For details on that, please read our earlier story. "We are starting to reach out to conventional lenders to get different quotes and see which avenue will be best – Fannie Mae or Freddie Mac or CMBs or potentially the FHA," he told GlobeSt.com Thursday morning.
Kurlansky also said that the company is evaluating realigning the assets in the portfolio, perhaps selling some after it has added value. "Others we will hold long term, but we won't know which those will be until we have had more time to evaluate the portfolio."
Generally speaking, First Market invests in value add and REO distressed assets that it can close on for cash. It is looking for further deals in the DC area, Kurlansky adds, now that it has a toehold in the market with its first portfolio purchase.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
