Colony Capital Partners with Argent
Combined with another $400m portfolio that Argent has already been working with Colony in managing, the combined book value of these portfolios represents $1.2 billion in assets. Argent Management is a provider of real estate services to institutional investors, private owners, developers and financial institutions.
Colony Capital is leading a consortium of investors that joined together to purchase this FDIC offering of loans secured by land assets throughout the US.
The FDIC seized these loans from failed banks, and these assets include numerous residential and commercial developments that are located in Florida, Michigan, Utah and more than 15 other states.
Paul Fuhrman, principal at Colony Capital, said: â€œWe are pleased to partner with Argent on this portfolio. Argent is the best in class, and it made sense for Colony and Argent to collaborate in managing these portfolios because of the diverse characteristics of the land assets.â€
Dale Strickland, senior vice president of Argent Management, said: â€œWe are pleased that Colony chose Argent to partner with in acquiring and managing this portfolio. Colony is one of the largest participants in the FDIC's structured transaction program, and we are honored that our expertise is being called on to maximize the returns on this collection of assets.â€
Will the move benefit the firms?
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