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Investment Firm Acquires Stake in $760M FDIC Loan Portfolio

""Mariner Real Estate Management, LLC"":http://www.mariner-re.com, of Leawood, Kansas, announced the purchase of a portfolio of approximately 1,100 residential and commercial acquisition and development loans, located in approximately 24 states, from 20 failed banks.
[IMAGE] The real estate investment and management firm, which is part of ""Mariner Holdings, LLC"":http://www.mariner-holdings.com, conducted the $760 million transaction with the FDIC.

""We are very pleased to partner with the FDIC on this important transaction,"" said Marty Bicknell, Mariner


CEO. ""Together with Cohen Financial, we can offer the FDIC the best asset management solutions for this portfolio.""

Chicago-based ""Cohen Financial"":http://www.cohenfinancial.com will provide loan administration and asset management services for the acquired portfolio.

As part of the deal, Mariner paid about $52 million for a 40 percent managing member interest in the limited liability company created by the FDIC to hold all the loans and REO assets.

The FDIC, which is retaining the remaining 60 percent equity interest, provided the newly formed entity 1:1 leverage through issuing approximately $105 million in nonrecourse, zero percent interest financing and a $25 million advance facility for working capital needs.

""We are very excited to be working with the joint venture on this transaction,"" said Tim Mazzetti, partner and EVP at Cohen Financial. ""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, sub- and non-performing assets in an efficient and cost effective manner.""

About Author: Heather Cernoch


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