The fund took in $85 million with which it made short-term loansfor commercial real estate projects. The portfolio of loans has anaggregate unpaid principal balance of $1 billion. Approximately 60%of the loans are non-performing.
Rather than liquidate the assets, Compass has formed CompassFinancial Partners LLC to service the loans. Compass co-founderDavid Blatt tells GlobeSt.com that all of the loans are backed byreal estate assets located all over the country. He expects tostabilize and resolve the outstanding loans in six to 12months.
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