RER Equities Inc., a Herndon, Va.-based private investment firm specializing in buying distressed real estate debt and underperforming properties, has acquired a portfolio of 51 performing, subperforming and nonperforming notes secured by Florida-based commercial real estate and related assets. The aggregate unpaid balance of the notes totals $33,413,513.
The notes were sold by Coral Gables, Fla.-based EuroBank, a subsidiary of Banco do Brasil S.A., and are secured by real estate assets in Dade, Broward and Palm Beach counties. The negotiated all-cash transaction was completed in 30 days and represents RER Equities' second Florida loan acquisition this quarter.
‘With the South Florida real estate market starting to turn, we felt this was the appropriate time to pursue assets from banks that are prepared to resolve their distressed portfolios,’ says Christopher Kallivokas, chairman of RER Equities.