GFI Buys $13M in Distressed Assets

NEW YORK CITY-GFI Capital Resources Group is purchasing two North Miami commercial mortgages with a face value of $13 million from a regional bank. According to a GFI release, the company bought the two non-performing loans at a discount to the $13 million face value. GFI could not confirm the regional bank involved in the transaction.

In a GFI release, Jeffrey Granowitz, director of Acquisitions at GFI said the company “moved quickly to price and close the transaction in just three weeks time to meet the bank’s year-end deadline.” GFI says it is actively seeking acquisition opportunities and will acquire debt.

The properties securing the mortgages in North Miami include 140 residential units. Although the names of the properties were undisclosed, GFI tells GlobeSt.com that the project was acquired “at a high price as an intended condo conversion three years ago, no units were ever sold, and it will remain a cash flow multifamily rental.”

Nonetheless, GFI realty services’ executive vice president of acquisitions, Michael Weiser said in a release that “we intend to either work with the borrower to refinance these assets, or add them to our portfolio of over 100 properties that GFI currently owns and manages.”