Hilco Residential Partners LLC, a residential real estate investment fund chartered to purchase residential homes, mortgages and unsold developer assets directly from lenders, has been formed through a joint venture between Hilco Real Estate LLC and Real Estate Principal Solutions LLC. The size of the investment fund was not disclosed.
Unlike other pure investment funds presently focused on acquiring distressed mortgages and unsold developer assets, Hilco Residential Partners has an infrastructure in place that enables the fund to acquire, locally manage and market properties on a national basis, the company says.
Three classes of distressed residential real estate assets will be acquired from lenders: real estate owned portfolios of single-family and multifamily properties, condos and senior housing; closeout units in a residential development to provide immediate liquidity for the builder; and nonperforming notes on single-family and multifamily projects, including 90%-plus completed projects, to free up lender capital and relieve reserve requirement pressures.
Source: Hilco Residential Partners LLC