Commercial Real Estate Direct Staff Report
Lone Star Funds was the big buyer of most of the $1.5 billion portfolio of foreclosed real estate and distressed loans that Orix Capital Markets had offered.
The Dallas investment manager is said to have taken down some $800 million of the assets that were sold, while two or three other investors divvied up most of the remaining assets.
Orix had offered 57 assets with a balance of $1.3 billion through CBRE and another 41 assets with a balance of $205.1 million through Mission Capital Advisors. Orix owned some of the assets and managed a big chunk of the remainder as special servicer for a number of CMBS trusts.
The biggest of those trusts was LB-UBS Commercial Mortgage Trust, 2007-C2, which saw $773.9 million of its collateral assets get liquidated. The assets generated $550 million of gross proceeds, or 71.1 percent of their balance. Because servicing advances and other fees had...
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