Ram, Square Mile JV Buys $150M Portfolio

FT. LAUDERDALE, FL-The joint-venture partners bought a portfolio of 38 non-performing loans collateralized mostly by shopping centers.

By Hortense Leon | Updated on August 12, 2010

FT. LAUDERDALE, FL-Palm Beach Gardens-based Ram Realty and New York City-based Square Mile Capital Management have formed a joint venture to acquire a portfolio of 38 non-performing loans with a total par value of approximately $150 million. The assets were acquired on behalf of affiliates of Ram Realty Partners II, and Square Mile Partners III.

The collateral for the loans includes 39 shopping centers in nine southern states representing a portfolio of 1.8 million square feet. The properties are in major and secondary markets in Florida, Tennessee, Georgia and the Carolinas. Ram currently owns and operates several assets in these markets. The notes were acquired at a significant discount to par.

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