Profile: DVL Inc (DVLN.PK)
8 Oct 2014
DVL, Inc., incorporated in 1977, is a commercial finance company. The Company is engaged in the ownership of residual interests in securitized portfolios, the ownership and servicing of a portfolio of secured commercial mortgage loans made to limited partnerships in which DVL serves as general partner (Affiliated Limited Partnerships), the ownership of real estate and the performance of real estate asset management and administrative services. It derives the majority of its income from the residual interests in securitized receivables portfolios, net of interest expense on the related notes payable, the wrap-around and first mortgages to Affiliated Limited Partnerships, percentage rents received from various tenants of the Affiliated Limited Partnerships, rentals received as a result of its real estate holdings, fees received as general partner of the Affiliated Limited Partnerships (including disposition and management fees), distributions received as a limited partner in the Affiliated Limited Partnerships and fees from management contracts. The Company operates in two segments: real estate and residual interests.
Through the Company’s wholly owned subsidiary, S2 Holdings, Inc. (S2), it owns a 99.9% Class B interest in each of Receivables II-A LLC and Receivables II-B LLC. Its mortgage loan portfolio consisted primarily of wrap-around mortgage loans made to Affiliated Limited Partnerships, which were subject to non-recourse, underlying mortgages held by unrelated institutional lenders. Under a wrap-around mortgage loan, the majority of the mortgage payments from the Affiliated Limited Partnerships are used to pay the required monthly principal and interest payments on the underlying mortgage, which the wrap-around mortgage wraps. As of December 31, 2009, its mortgage loan portfolio consisted of seven wrap-around mortgage loans with a net carrying value of $4,384 and 11 first mortgage loans with a net carrying value of $6,058. Its real estate properties consist of eight buildings totaling 347,000 square feet on eight and one half acres located in an industrial park in Kearny, leased to various unrelated tenants, an 89,000 square foot building on approximately eight acres of land leased to K-Mart in Kearny, an interest in a property in Bogota and five properties.
70 E. 55th Street
NEW YORK NY 10022