Rick Williamson, Eileen Lyons and Paul Jones have formed WLJ Partners, which is fully funded with $200 million of debt and equity to be used to acquire whole loans on the re-emerging secondary market for nonperforming commercial real estate debt.
The fund is being created just as the stress of the economy is starting to show in the commercial real estate arena, causing banks and other holders of commercial mortgages to liquidate nonperforming mortgages. WLJ says it is targeting subperforming and nonperforming commercial mortgage loans secured by income-producing real properties on a nationwide basis.
The primary focus will be on loans with an outstanding principal balance between $2 million and $10 million, although the fund will buy larger loans that fit its defined investment criteria.
‘We are entering into another cycle which has features similar to the last three real estate cycles, and we are very excited about bringing our individual expertise and shared experience together to offer holders of distressed commercial mortgages with a vehicle designed to provide liquidity to their balance sheets,’ says Williamson.
Source: WLJ Partners
