Distressed Capital Management, LLC secures partnership with large residential construction company.
IRVINE, CA (BUSINESS WIRE) – Distressed Capital Management, LLC (“DCM”) is pleased to announce the results of its asset management agreement with a reputed residential real estate construction and investment company (the “Company”) totaling over $180m in AUM. The Company is a vertically integrated real estate business—buying, renovating, building and selling residential real estate nationally as well as managing and maintaining its real estate portfolio acquisition to sale.
DCM, an asset manager that focuses on Non Performing Residential and commercial Loans, is a captive asset manager to Plutos Sama, LLC, the same holding group that owns BP Law Group, LLP, a national loss mitigation and foreclosure law firm. Chief Investment Officer, Matthew Browndorf, said, “We see our new client as the perfect strategic partner to launch DCM. A homebuilding, residential real estate and construction company with over 700 employees nationwide, this client brings decades of experience in development, real estate management, real estate strategy, building, renovating and construction while DCM can focus on its asset management and loss mitigation strategies.”
The asset management agreement had several components including DCM taking over a legacy portfolio of $60m in unpaid balance (UPB) as well as a $120m mandate on future acquisitions. Additionally, the parties have agreed to take approximately $45m of their annual spend and enter into joint special purpose vehicles with DCM with set hurdle rates and defined strategies leveraging the expertise of DCMs team. DCM started bidding on trades on June 24th and has actively bid 19 trades in their first month of operating for the Company.
Pelican Point Capital Partners, LLC, an advisor to DCM, developed the strategic partnership between the Company and DCM. Further Shad Quraishi, Pelican’s co-founder and co-CEO sits on the investment committee of the joint special purpose vehicles lending 20 years worth of mortgage, finance and real estate knowledge at Bank of America and UBS investment banks where he held global head positions in various asset backed finance businesses.
Pelican Point Capital Partners, LLC, provides merchant banking services via its global presence of partners and advisors across various industry sectors. The firm seeks to invest in, develop strategic partnerships for and finance its partners so Pelican can be aligned with their growth and success. Please visit their website for further information at www.PelicanPointCapital.com
About Distressed Capital Management, LLC
DCM was formed in January 2012 by a team of lawyers and mortgage banking professionals in Irvine, California with a vision to revolutionize the non-performing whole loan space by integrating technology and an elite nationwide legal network with a seasoned team of distressed whole loan asset managers.
About Pelican Point Capital Partners, LLC
Pelican Point Capital is a merchant bank providing direct investment & co-investment, capital advisory & introduction, bridge financing, as well as debt and equity investment. Our partners range in size from post-seed to mature enterprises in our 12 focus sectors that operate in numerous markets around the globe. Further information on Pelican Point Capital, its partners and advisory committee including bios for each, can be found at the Pelican Point Capital Partners website, please visit www.pelicanpointcapital.com.
About BP Law Group, LLP
In an economic climate where individuals continue to default on mortgages, credit cards, loans and other financial obligations, BP Law Group has proven processes to help clients recover overdue balances as quickly and effectively as possible. With hubs in California, Texas and New York, the firm provides debt collection and a wide range of other legal services from offices around the world. The firm’s geographic diversity and extensive investments in technology enable its high-caliber professionals to efficiently cater to clients in the world’s leading business and financial markets. For more information, please visit www.bplawgroup.com.