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Hudson Realty Capital LLC And Apollo Global Management LLC Buy Property Loan Portfolio From United Community Banks Inc-Reuters

Tuesday, 1 Oct 2013 08:55am EDT 

Reuters reported that Hudson Realty Capital LLC and Apollo Global Management LLC said on October 1, 2013 that they purchased a portfolio of non-performing loans on nearly 300 commercial real estate properties from United Community Banks Inc. The loans have a balance of about $200 million. The companies did not disclose the purchase price or the discount on the price they paid for the loans. The portfolio includes loans on properties in several states, including Georgia, Tennessee, North Carolina, Florida and Wyoming, and covers office, apartments, multifamily, retail, land and special-use properties. In addition to the debt purchased from the Blairsville, Georgia-based bank, the deal also includes the purchase of additional debt on an Atlanta-area industrial complex whose loan was part of a commercial mortgage-backed securities trust. Under the deal, Hudson Realty will manage the portfolio and work to resolve the property loans during the next several years, while also managing the properties. 

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