A venture between Gibraltar Capital and Asset Management and Deutsche Bank has acquired a real estate loan portfolio. The firms have bought a portfolio comprising 83 non-performing loans with outstanding balances totaling about $200 million. The portfolio includes residential acquisition, development and construction loans secured by properties at various stages of completion. Gibraltar owns a majority interest in the venture and will be the portfolio manager handling the day-to-day management and workout of the portfolio.
Click here for the release from Globe Newswire.