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Los Angeles

Karlin Real Estate has acquired a condominium development in Baldwin Hills through bankruptcy. Named Bedford Parc & Bedford Promenade, it consists of approximately 110 condominium units and prime retail space encompassing 154,440 total square feet and 3.5 acres. KRE’s real estate team bought the property through a structured 363 sale. KRE had previously purchased the notes that secured the condominiums in August of 2009 and quickly moved into simultaneous negotiations with the developer to structure a credit bid sale that was approved by the judge in April. According to a prepared statement, this is not an uncommon scenario for KRE, which controls more than $1 billion in unleveraged equity capital. Matthew Schwab, KRE’s managing director, points out that “in addition to the special situation, we became interested in acquiring this particular asset because of its excellent location, the existence of multiple exit strategies, and the US Government’s efforts to boost the housing market with stimulus dollars for first time buyers.” KRE will continue to work with the property’s developer, the Bedford Group, to market and sell the units.

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