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G8 Capital Acquires Portfolio of 19 Multi-Family Loans in South Florida

  • The portfolio includes 13 performing loans and six non-performing loans;
  • G8 Capital has extended its footprint through the Sun Belt states to South Florida

LADERA RANCH, CA – July 21, 2010 – G8 Capital announced today that it has acquired a loan portfolio of multi-family properties in South Florida. The Company closed the transaction with all-cash in less than two weeks. The acquisition extends G8 Capital’s footprint eastward within the Sun Belt states where the Company is actively acquiring residential REO properties and other multi-family loan portfolios. G8 Capital plans to invest another $100 million this year in “living component” assets, including residential and multi-family properties, condo developments and conversions, mobile home parks and senior living facilities.

“We are pleased to expand our footprint eastward within the Sun Belt states to South Florida,” said Evan Gentry, president and CEO. “Our firm’s reputation helped us to win the bid, and we will use our extensive expertise to manage these loans. We have already begun working closely with these borrowers and are confident we can achieve mutually beneficial outcomes.”

The portfolio includes 13 performing loans and six non-performing loans. G8 Capital’s approach with non-performing loans and underwater performing loans is to work closely with the borrower to assess their situation and identify their interests. Workout solutions may include a short sale, obtaining a deed in lieu of foreclosure, or restructuring the loan. If G8 Capital becomes the owner of the property through a foreclosure or negotiated workout, the firms seeks to make necessary physical improvements and put local property management in place to stabilize the property and improve the living condition for valued tenants. In some cases, G8 Capital will resell performing loans at discounted levels to firms looking for strong, long-term cash flows.

G8 Capital has now completed more than 30 bulk acquisitions since inception in 2007, and has purchased more than 2,000 REO properties and residential whole loans nationwide from nearly all of the major banks and top servicers in the United States. The company expects to continue actively acquiring properties and loans nationwide throughout 2010.

About G8 Capital

G8 Capital (www.g8cap.com) is a prudent and disciplined investment firm focused on opportunity-based acquisitions of both residential and commercial real estate assets. G8 Capital acquires real estate and loan portfolios from financial institutions and other sellers that are looking to get fair value and timely execution.