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Grosvenor, KeyBank Team on Loan Acquisition

ATLANTA-Synergy Resolution is assisting the partnership with the $8.5-million portfolio.

By Crystal Proenza | Updated on December 02, 2008

ATLANTA-Locally based Synergy Resolution Services is assisting Grosvenor Residential Investment Partners I LP and KeyBank Real Estate Capital in their acquisition of a discounted portfolio of loans and real estate from an unnamed regional bank. The investment is structured as an $8.5-million senior participating loan covering 158 separate properties.

Synergy Resolution, operated by a group of real estate veterans, works to help banks resolve non-performing real estate assets. Its principals have extensive experience in the development of homes, lots and commercial properties, and have resolved billions of dollars in real estate debt.

“We’re happy to do the work and let the banks do what they do,” Randy Herron, a Synergy Resolution principal, tells GlobeSt.com. The group has at least five other deals in the works, he says, and is getting interest from other banks looking to clean up their balance sheets, especially since October’s unraveling of financial markets.

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