NEW YORK CITY-Hudson Realty Capital and a fund managed by Apollo Global Management said Tuesday they're buying a portfolio of nonperforming loans and REO properties for about $200 million. The acquisition, the third in the Hudson Realty/Apollo joint venture, is from United Community Banks Inc., based in Blairsville, GA.
The portfolio runs to nearly 300 assets, located mainly in the Southeast but with a presence in Wyoming, as well. Hudson Realty will manage the portfolio from its regional offices in Fort Myers, FL, while working to resolve the property loans over the next several years.
Renee Lewis, managing director of portfolio investments with Hudson Realty, says the JV expects to achieve “the highest potential asset value over the hold period through workouts, restructurings, foreclosures, repositioning and sales.” At Apollo, partner Coburn Packard says the acquisition is “closely aligned with one of Apollo's real estate strategies to pursue opportunistic investments involving operationally complex assets in stable and improving markets nationwide.”
The portfolio is comprised of multiple property types, ranging from office, multifamily and retail to land and special-use properties. The acquisition was supplemented with additional debt purchased from a CMBS trust on an Atlanta-area industrial complex.
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