Performing Loan Pool Purchase
Lighthouse completed the acquisition of a $38 million portfolio of performing commercial real estate loans. The portfolio consists of fifteen loans ranging in size from $250,000 to $13,000,000. Loans are secured by retail, multifamily, industrial and office properties across 8 states.
The loans were acquired as part of the liquidation of a REMIC Trust and placed into a close-ended fund. Lighthouse identified the controlling class certificate holder and negotiated a purchase of the clean-up call right. The loan portfolio had a weighted average LTV of 30.0%. Over a 7-year period, after paying all expenses, the fund netted a 22% IRR to investors.