Aug
16
Ram and Square Mile Ink Portfolio of Notes across Key Southern States
Real Estate Notes
PALM BEACH GARDENS, Fla.–Ram, a leader in real estate development and acquisition, and Square Mile Capital Management LLC announced today their joint venture acquisition of a portfolio of thirty-eight (38) non-performing loans with a total par value of approximately $150 million. The assets were acquired on behalf of affiliates of Ram Realty Partners II and Square Mile Partners III. The collateral includes thirty-nine (39) shopping centers in nine southern states representing a portfolio of 1.8 million square feet. The properties are primarily located in major and secondary markets in Florida, Tennessee, Georgia, and the Carolinas. Ram currently owns and operates several assets in these markets. The real estate notes were acquired at a significant discount to par.
Ram and Square Mile have jointly considered several distressed debt investments since early 2009, but this acquisition was the first that was aggressively pursued. Other acquisitions are being considered that allow the venture to employ its unique combination of workout and restructuring experience with its demonstrated operational and development track record.
“We continue to evaluate a significant number of distressed debt opportunities in our core markets. The recent transaction with Square Mile was the first large portfolio that we seriously considered purchasing,” said Casey Cummings, President of Ram. “The asset type and location fit nicely within our existing asset management platform. In the last 18 months, distressed debt investing has represented an overwhelming majority of our new transactions. The acquisition of commercial mortgages on a selected basis has been, and will continue to be, a positive addition to our traditional acquisition and redevelopment programs.”
About Ram
Founded in 1978, Ram pursues the acquisition, development, and redevelopment of commercial, multifamily and mixed-use real estate throughout the Southeast, with a focus on the major markets in Florida, Georgia, Tennessee, and the Carolinas. In addition to its development and value-add acquisition activity, Ram acquires non-performing and sub-performing commercial mortgages. The firm currently sponsors several institutional ventures, including its most recent private equity fund, Ram Realty Partners II. Ram has offices in Fort Lauderdale and Tampa, Florida, Chapel Hill, North Carolina and Atlanta, Georgia, with its corporate office in Palm Beach Gardens, Florida.
About Square Mile Capital
Square Mile Capital, which was founded by Jeffrey Citrin and Craig Solomon, is a private investment management firm that focuses on real estate and real estate-related opportunities, including both debt and equity investments. Square Mile has organized institutional private equity funds aggregating approximately $1.4 billion, including its most recent vehicle that closed in February 2009 with $806 million of committed discretionary capital. The firm’s distinguished investor base includes more than 50 institutional investors, including U.S. public and private sector pension funds, sovereign wealth funds, university endowments, major insurance companies, financial services firms, wealth managers, foundations and high net worth individuals. Square Mile is headquartered in New York City, with offices in Los Angeles and Greenwich.
Source: Ram
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