X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOS ANGELES-Kearny Real Estate Co. has acquired a $196 million portfolio of performing, sub-performing and non-performing loans in a partnership with Morgan Stanley Real Estate Investing. Managing partner Jeff Dritley of L.A.-based Kearny reports that the portfolio, composed of 45 assets, is secured by properties in California, Nevada, Washington, New Jersey and New York, announced. The properties include residential condominiums, apartments, retail, commercial office, industrial and land zoned for residential use. The portfolio includes 25 assets in California (21 loans and four REO). Notable assets include loans on new condominium projects in Northern and Southern California, a loan on a new cold storage warehouse in Los Angeles and the historic Col. Fletcher Building in Downtown San Diego. The four-story, 48,000-square-foot Col Fletcher Building was built in the early 1900s and was redeveloped into office condominiums in recent years. In the past six months, Kearny has acquired approximately $360 million of distressed debt in three separate transactions with a goal of $1 billion by year end, according to Dritley. Kearny has added four new employees in the last six months and will add two more shortly to handle this significant increase in assets. “Many of these troubled loans were more the result of the depressed credit market and the economic downturn than the underlying asset,” says Dritley. “As the market begins to stabilize, we have the resources and experience to create value for this portfolio.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.