GlobeSt.com UPDATE: New Name, Same Port for Bought-Out Firm

AUSTIN-Austin gets to keep a real estate services group, bought this week for $152.5 million by Fortress Investment Fund II, a private equity fund headquartered in New York City. The name will change from Dana Credit Corp. to Torreon Capital LLC.

Dana Credit’s former managers and producers–Robert Brown, Rex Paine and Charlie Singletary–are the principals of the successor group. Torreon intends to stay put at 515 Congress Ave. in the CBD. All Dana employees remain on board, Paine tells GlobeSt.com. The firm has hired one more for the team. For previous story, click here

Torreon provides joint venture equity for real estate investments. It is operating with a capital pool of $50 million to $75 million annually, Paine says. The newly formed firm already has several deals in the works. He won’t go into detail, but talks are under way on one retail and one industrial project, both in California.

Torreon will consider backing real estate plays for development of anchored retail centers, grocery stores and single-tenant retail stores; infill developments; industrial and office projects with significant pre-leasing; repositioning of retail centers, regional malls, offices buildings and apartments; and opportunistic acquisitions. Torreon presently oversees a US portfolio of retail, industrial, office and multifamily assets, valued at more than $1 billion.

Through limited partnerships, Torreon will invest in projects exceeding $10 million. The financing could be for part or all of the required equity with investment terms generally from two to four years.

“The formation of Torreon Capital represents a significant milestone for our group and provides us the opportunity to build a company based on our tremendous relationships,” Paine said in a prepared statement. The plan is to grow through existing partnerships and expanded relationships with developers and lenders.