CROFTON, MD—Onyx Equities, LLC is expanding into Maryland and Virginia and the Carolinas via an office it is opening here and in Charlotte, NC. Onyx manages nearly 30 properties in the four states, however the company has its eye on a larger prize as well: the wave of maturities coming due in the next three years. Inevitably there will be loans that cannot be refinanced and will enter the REO/receivership process, Onyx co-founder and managing principal Jonathan Schultz tells GlobeSt.com.
The company has opened five new offices over the past three years, most on the Eastern Seaboard, and intends to open several more local offices this year. So far its REO/receivership platform has assets in 10 states.
It is not as though Onyx expects a deluge of assets in the Mid-Atlantic and East Coast Schultz says. The reason he has focused here is simply because that is where his roots and relationships are. "I think there is enough inventory [of debt coming due] that there is a strong potential for some of the assets to be here, but I can't answer that in any definitive way.
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