You must be a paid BREW subscriber to access this section. If you would like to become a subscriber, click here. If you are a subscriber and would like to login for online access to archived newsletters, register here.
Forgot your password?
|
|
| April 17, 2009
|
| SORENSON GROUP HOLDINGS MUM ON DEAL FOR COMMERCIAL LOAN POOL FROM FDIC
|
| Phoenix area – There continues to be more questions than answers regarding a $701 million pool of commercial loans acquired by Sorenson Group Holdings in Salt Lake City, Utah (James Sorenson, principal). The loans, issued by two failed banks previously owned by First National Bank Holdings in Scottsdale (Ray Lamb, principal), are secured by real estate properties located primarily in Arizona and Nevada. After taking over the failed banks in 2008, the Federal Deposit Insurance Corp. (FDIC) sold the commercial loan portfolio in February to Diversified Business Strategies in Sandy, Utah. Shortly afterward, Sorenson Group Holdings announced that it had acquired the structured portfolio of FDIC loans from Diversified Business Strategies. Under rules established for bidders in the loan pools, the buyers of the group of commercial notes must share proceeds from the sales of the loans and real estate with the FDIC. Some are questioning Sorenson Group Holdings for the deal it made with Diversified Business Strategies, and what knowledge the FDIC had about the company that would actually be its partner (under the terms of the sale, the FDIC retains an 80 percent stake, which will be reduced to 60 percent once certain performance levels are met). Others say there may have been a conflict in the competitive bid process the FDIC followed in picking a suitor for the First National Bank pool. Sources say a Phoenix-area investor formed a partnership with Sorenson Group Holdings and expected to have a legitimate opportunity to buy the pool. Word is that the bid from Diversified Business Strategies was slightly higher than the Phoenix bidder, who finished second. If that is true, Sorenson Group Holdings had involvement with both the top bidder and the runner up. The question is when did Diversified Business Strategies and Sorenson Group Holdings negotiate their agreement? Representatives of Sorenson Group Holdings declined to comment. Efforts to reach FDIC Deputy Director James Wigand were not successful. According to the FDIC, 18 separate bidders submitted 30 different bids for the $701 million commercial loan pool and a $749 million residential loan portfolio sold to Stearns Bank. Ironically, Stearns Bank was one of the financial institutions in the United States that was the recipient of federal bail out money. The commercial and residential loans Sorenson Group Holdings is now managing were originally issued by First National Bank of Nevada in Reno and First Heritage Bank in Newport Beach, Calif. The commercial loan portfolio includes about 150 separate loans. Of those, 44 percent relate to properties located in Arizona. The others loans are secured by real estate properties located in Nevada, California, Texas and New Mexico. The phone number at Sorenson Group Holdings is (801) 461-9770. Talk to representatives of the FDIC at (877) 275-3342. |
Home | Privacy | Contact Us | Subscriber Login
Business Real Estate Weekly & The P&Z Report
14269 N 87th Street, Suite 108 | Scottsdale, AZ 85260
Phone: 480.905.0500 | Fax: 480.905.0005
info@brewaz.com
|
|
|
 |
Apartment Research Reports
Detailed Apartment Research Reports on the Phoenix and Tucson markets
More
|
|
|
|
