(Mark Your Calendars for RealShare Apartments 2011, October 20 in Los Angeles).
HOUSTON-The US District Court for the Southern District of Texas has appointed Ann Arbor, MI-based McKinley as receiver for the former Babcock & Brown FX3 Loan apartment assets in six states. The former Sydney, Australia-based Babcock & Brown, which liquidated in 2009, had the 14 properties tied up in a $194 million CMBS loan that went bad.
The properties, consisting of 3,709 units, are in Nevada, Texas, South Carolina, Florida, Virginia and Maryland. Half of the properties are in Texas.
Kenneth Polsinelli, chief real estate officer, would not provide the exact location or name of the properties. Babcock & Brown had four CMBS loans with about 64 properties with more than 18,000 units. Some of these properties were lumped into the Babcock & Brown Residential REIT, which was renamed last year to Gingko Residential. The Texas apartment complexes in the former Babcock & Brown portfolio include Savoy Manor here and the Crossings at Irving in Irving, TX, both now run by Gingko.
Polsinelli tells GlobeSt.com that his firm has a national reputation for handling defaulted properties. “We’re in the process of analyzing each of the assets to determine what action would create the most value,” he says. “We’ll put that together in a plan and present that to the court in about 30 days.”
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