In early August, ACRES Capital announced that it has acquired the management agreement of Exantas Capital Corp, which is a mortgage REIT.
In the process, ACRES Capital CEO Mark Fogel assumed the role of President, CEO and board member of Exantas. Exantas also entered into agreements with both Oaktree and Mass Mutual for new capital commitments aggregating up to $375 million.
Before the deal Exantas has been externally managed by C-III Capital Partners. "The opportunity came along for us to provide some liquidity and take over management Exantas," Fogel says. "Essentially, we brought in some capital from both Oaktree and Mass Mutual, who are partners with us on our private side of the business, to provide the liquidity that Exantas was seeking without taking over control as external manager at the same time."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
