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.
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.