A consortium led by New York-based real estate fund manager Hudson Realty Capital has acquired a $139 million Colorado real estate portfolio through the FDIC Small Investor Program.
The portfolio contains 97 acquisition, development and construction loans in partnership with the Federal Deposit Insurance Corporation (FDIC). Hudson is partnering with Soundview Real Estate Partners of Stamford, Conn., and JCR Capital Investment of Denver, Col., in the joint acquisition.
This is Hudson’s second such acquisition—last December, the fund manager, in cooperation with Soundview, acquired the FDIC’s southeastern pool of 109 commercial real estate assets.
“Hudson commends the FDIC on their Small Investor Program and their efforts to offer smaller loan pools to increase the diversity of bidders,” said David Loo, Hudson’s managing director and co-founder.
Hudson must now has several years to attempt to resolve the loans on assets that include vacant land, lots, residential development inventory and multi-family and mixed-use properties located throughout Colorado.
Renee Lewis, managing director, portfolio investments, says Hudson expects to achieve the highest asset value over the hold period through workouts, restructurings, discounted payoffs, foreclosures, repositioning and sales.
In addition to its New York headquarters, Hudson has regional offices in Portland, Maine and Fort Myers, Florida. The has more than $2.5 billion in assets under management.