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Hilco & Real Estate Principal Form JV

NORTHBROOK, IL-The partnership plans to acquire single-family and multi-family residential properties in addition to condominium units and debt.

By Gina Kenny | Updated on July 02, 2008

NORTHBROOK, IL-Hilco Real Estate LLC, based here, and Real Estate Principal Solutions LLC, a subsidiary of Moving Station LLC, are forming a joint venture to acquire residential properties, mortgages and unsold developer assets. The joint venture will acquire real-estate-owned portfolios of single-family and multi-family properties and senior housing; closeout units in residential developments; and non-performing notes on residential projects, says Navin Nagrani, VP of Hilco. “Our preference is to buy assets versus having to buy the debt,” Nagrani tells GlobeSt.com.

The joint venture will use a local company’s abilities to manage and market the properties, he says. Moving Station LLC, based in the Chicago area, is a corporate relocation company helping people buy homes in other locations and selling the existing home or buying it directly, Nagrani says. Hilco has experience with acquiring properties in bankruptcy, and is the head of a joint venture that is acquiring Sharper Image, Nagrani says.

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