The WPJ

NY Building Deal; Puerto Rico Bank Sells Portfolio

» Done Deals | By WPC Deals Team | March 27, 2013 12:00 PM ET



Group Buys Building in New York City

An investor purchased a six-story building in the Prospect Park South neighborhood of Brooklyn for $11 million. The 1926 elevator building with 83 apartments was purchased by 1834 Caton, according to the New York Times. The 93,378-square-foot building was sold by 1834 Realty, for "11.1 times the current rent roll."

Banco Popular of Puerto Rico Sells Loans

Banco Popular of Puerto Rico sold a portfolio of the company's non-performing commercial and construction loans, and commercial and residential real estate.  Caribbean Property Group and affiliates of Perella Weinberg Partner's Asset Based Value Strategy purchased made the acquisition with a book value of almost $540 million, according to PEHUB.  The portfolio has a combined unpaid principal balance on loans and appraised value of other real estate owned of approximately $995 million.

Caribbean Property Group and affiliates of Perella Weinberg Partners' Asset Based Value Strategy purchased the portfolio as part of a joint venture between the firms. This is the third transaction completed between the parties.

Under the terms of the transaction, Banco Popular will provide an advance facility of approximately $35 million. The facility will cover cost-to-complete amounts and expenses of certain projects. Banco Popular will also provide approximately $30 million in the form of a working capital line to fund certain operating expenses of the asset-owning Borrower. Additionally, Banco Popular will receive approximately $99 million in cash, a note for approximately $182 million as seller financing and a 24.9% equity interest in the Borrower

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