February 2009

  • Feb

Ram Realty buys 10 loans valued at $57M

February 2, 2009

By Daily Business Review, via Polyana da Costa

Ram Realty Services, a Palm Beach Gardens based real estate firm, announced Monday that it acquired 10 non-performing loans from two large regional banks valued at $57 million.

The mortgages are secured by commercial land, and multifamily and retail properties in South and Central Florida, and were acquired for about 50 percent less than the mortgage value.

“It may sound like bad news in the short term but this is actually healthy for the market,” said Casey Cummings, Ram’s president. “It resumes transaction activity and that’s what our market needs.”

Cummings declined to disclose the lenders that sold his company the loans. He said a few of the properties are in South Florida, but declined to disclose the locations.

Ram will proceed with the foreclosures on some of the properties and will negotiate with other delinquent borrowers, he said.

The mortgage acquisitions closed in separate deals in late December and mid January.

Ram bought the loans on behalf of its equity fund, Ram Realty Partners II. The fund, which was formed about a year ago, has assets totaling $175 million and equity capital to acquire a total of $600 million, according to Ram.

This is the second acquisition by the fund. The first was in early 2008 when it purchased some Home Depot supply stores in Altanta and Dallas. The acquisition was valued at about $25 million.

  • Feb

Ram Announces Acquisition of Portfolio of Notes

February 2, 2009

Palm Beach Gardens, Fla., February 2, 2009 – Ram announced today the acquisition of ten sub-performing senior mortgages with a total par value of $57 million. The collateral included multifamily and commercial properties through South and Central Florida. The notes were acquired at a significant discount to par.

“Part of our strategy is to work hand-in-hand with a variety of lending institutions and property owners to access prime real estate across the Southeast,” said Casey Cummings, president of Ram. “We continue to see significant opportunities throughout our markets despite the current economic turmoil. The acquisition of mortgages further expands our real estate investment activity.”

The notes were acquired on behalf of Ram Realty Partners II, a private equity fund sponsored by Ram and its principals. The fund currently has assets totaling $175 million with additional equity capital on hand to expand its holdings to a total of $600 million.
About Ram

Founded in 1978, Florida-based 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 and the Carolinas.

In addition to its development and value-add acquisition activity, Ram acquires non-performing and sub-performing mortgages secured by commercial and multifamily properties. 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. For more information, visit www.ramrealestate.com.