Mariner Real Estate Management LLC (MREM), a unit of Leawood, Kan.-based asset manager Mariner Holdings, has acquired from the Federal Deposit Insurance Corp. (FDIC) a stake in a $760 million real estate loan portfolio. The portfolio includes approximately 1,100 residential and commercial acquisition and development loans located in approximately 24 states from 20 banks.
MREM acquired a 40% interest for approximately $52 million in the limited liability company created by the FDIC to hold all of the loans and real estate owned assets. The FDIC is retaining the remaining 60% equity interest.
MREM funded the money needed for this project though two of its funds, Mariner Real Estate Partners LLC and Mariner Real Estate Partners II LLC.
Chicago-based Cohen Financial will provide the loan administration and asset management services for this transaction. Cohen Financial provides a variety of loan servicing, asset management and default management services to third parties and is a rated primary and special servicer as part of Standard & Poor's Select Servicer group.
"We have been building out our platform over the past four years to be in a position to take on such a large and diversified pool of performing, [subperforming] and nonperforming assets in an efficient and cost-effective manner,’ states Tim Mazzetti, a partner and executive vice president at Cohen Financial.