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Distressed Assets Face an Uncertain Future

CHARLOTTE, NC-Mountain Real Estate Capital maps out plans for a $110 million portfolio it purchased from Synovus Bank.

By Hortense Leon | Updated on July 15, 2010

CHARLOTTE, NC-This week, Mountain Real Estate Capital, a locally based real estate company specializing in the buying and disposition of distressed assets, announced it had purchased a portfolio of 135 residential communities most of which are located in counties surrounding Atlanta.

The portfolio, which was sold by Synovus Bank, had a prior basis of $110 million, based on what was owed to the bank, but Arthur Nevid, chief investment officer for Mountain, did not reveal what his company actually paid for it, except to say that it was a discounted price.

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