The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat
Thursday, 19 January 2017
Last updated 11 hours ago
Jun 30 2010 | 12:11pm ET
Farallon Capital Management is restructuring a $1.5 billion securitized loan that one credit ratings agency said it in danger of “imminent default.”
American Residential Communities, the trailer-park operator that the San Francisco-based hedge fund bought three years ago, denied that the loan was in default, and said the loan’s placement with a special servicer was part of a restructuring.
ARC and Farallon, which paid $1.8 billion along with Helix Funds in 2007 for the company, are “being proactive with respect to the debt,” a spokeswoman for ARC told The Wall Street Journal.
Fitch Ratings cited KeyBank, which oversees the loan, in declaring its danger for default on Monday. Farallon put up three-quarters of the capital for the ARC deal.