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Tuesday, July 31, 2012

Distressed Commercial Mortgages Purchased by Investors

Miami Beach, Florida - The commercial real estate news today centers around distressed properties and distressed commercial mortgages. Recently a private investment firm which invest in and purchases distressed commercial mortgages. This private investment company specializes in buying distressed commercial real estate also. This Investment Company bought the $33.4 million debt in residential and commercial mortgages. These mortgages are all around Palm Beach County, Broward County as well as the Miami - Dade area. The Cheap Miami Car Insurance agency works these areas of Florida proving quotes with no obligations.

Buying Distressed Commercial Real Estate Debt

The investment company is RER Equities. They acquired the 51 mortgage notes from EuroBank, which is a Coral Gables based subsidiary of Banco do Brasil. RER Equities Inc. has a Company Profile which shows them headquartered in Herndon, Virginia. This prime office is in a DC suburb, and has offices in Coral Gables, Florida. RER Equities, Inc. has been acquiring distressed commercial real estate related loans throughout the eastern United States since its inception in 1989. This investment company is a member of the RER Financial Group, LLC, which is a nationwide financial services firm.

Distressed Commercial Real Estate Investments

This was a cash deal and was accomplished in only 30 days. This package of mortgage debt consists of homes, offices, warehouses, shops in addition to gas stations. Some non-performing mortgages will likely be liquidated through deeds in lieu of foreclosure. Some of the specific deals might receive loan modifications or discounted payoffs. The Company has mentioned that if the property is perceived as operating with good integrity, they might work a deal out with them.

Regulators Pressure Florida Banks

This RER investment company is looking to purchase other bank portfolios in Florida. They believe this South Florida real estate market is improving, and banks are more willing to resolve distressed commercial property mortgage portfolios. Regulators are said to be applying pressure on the banks to dispose of these commercial loans now that they can afford to take the hit.

Since March of 2012, EuroBank had approximately $110 million in assets and 26 percent of its loans were past due. This is with respect to regulatory filings. Earlier this year, federal regulators ordered the bank to repair its existing balance sheet.

Commercial Real Estate Investment Strategy for Regulators

RER Equities, Inc. is a private real estate investment firm that is expanding its real estate asset portfolio with unique acquisition opportunities. RER Equities’ investment philosophy utilizes a strategy which exploits market supply-demand imbalances. The RER investment team is composed of professionals with extensive experience in identifying under-performing assets, plus creating and optimizing the value of those assets as a result of intensive management. This expertise makes it possible for the RER team to generate above-average risk-adjusted returns for their own investors.

History of EuroBank

Back in 1991 a group of American and European Entrepreneurs set out to launch a fine bank. These American and European Entrepreneurs owned proven records of success and leadership in their communities, so they founded EuroBank. Observing at other banks a continuous decline in the quality of service and a general lack of personal attention, this group was alerted to a growing void in the banking industry. Displeased with this downward trend, the Entrepreneurs were feeling compelled to satisfy an emerging community need. This gave rise for the spirit of EuroBank.


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Friday, March 30, 2012

Distressed Commercial Real Estate

Best Buy Closings 2012: Electronics Giant to Close 50 Stores


Electronic retail giant Best Buy announced Thursday that it will close 50 big box stores in the United States and cut as many as 400 jobs at its corporate headquarters in an effort to improve its bottom line.

According to The Christian Science Monitor, Best Buy, once recognized as the discount king of consumer electronics, is caught between high-end brand stores like Apple Stores and low-cost Internet retailers like Amazon.


“Customers have been increasingly migrating online where they often find better deals, forcing Best Buy to figure out a reason why shoppers would need to visit an actual store,” the CSM report stated.

Last year, Best Buy lost a staggering $1.2 billion as it deeply discounted merchandise to keep pace with rivals Amazon and Wal-Mart.

Sue Busch Nehring, a spokeswoman for Best Buy, said the company has not revealed any detail about the locations of the 50 stores it plans to shutter, adding that the retailer will announce the specific store locations and timing for closings “once they are finalized.”

“We are quite deliberate and thoughtful when we make such decisions,” she said in an e-mail message. “We are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying


In light of the job cuts and store closings, Best Buy plans to use the savings — $250 million this year and another $550 million by 2015, according to company projections — to convert its big boxes to smaller “connected stores” which will sell more connections and services with more focus on mobile phones, tablet computers and e-readers.

The company will experiment with the new store models in San Antonio, Texas and St. Paul, Minnesota.

Forbes writes:

“The renovation would reduce store square footage by 20%, and should be finished by next Christmas. These new so-called ‘Connected Stores’ will focus on selling cell phones, tablet computers and e-readers, as well as service plans not offered by Amazon and Wal-Mart. Best Buy employees in these new stores are expected to show customers how to connect electronics in the home.”

According to the IBTimes, Best Buy shares dropped 14.8 percent in the past year, wiping out about $4 billion in market cap. In that same span of time, the S&P 500 index was up 6.4 percent.

With news of the Best Buy store closings, the company’s stock fell nearly 7 percent, or $1.85, to close Thursday at $24.77.

By Michael Söze




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