Dalfen America Corp. Acquires Las Vegas REO
MONTREAL, May 30, 2012 /PRNewswire/ -- Dalfen America Corporation ("DAC") announces, today, the acquisition of Hacienda Crossing, a 74 thousand square foot industrial building, minutes away from the Las Vegas strip.
In addition to the REO, the firm acquired two non-performing mortgage notes with unpaid principal balances in excess of $10M. The notes were acquired as part of an opportunistic separate account platform and are collateralized by properties in South Florida and Jacksonville.
Hacienda Crossing is the most recent addition to DAC's latest value-added industrial fund. Located in the Southwest market, the multi-tenant building was built in 1998 and is currently 26% occupied. With an unpaid mortgage balance of $9.5M, the property was taken back by C-III Asset Management in late 2011 and subsequently sold to DAC at auction.
"We strongly believe in the economic fundamentals of the Las Vegas market. Hacienda Crossing is the 10th building our firm has bought in the Las Vegas area this past year and we aim to triple that number of buildings in the next 12 to 18 months," says Sean Dalfen, Executive Managing Director.
Dalfen stated that the firm will be building and acquiring several million feet of industrial property in the Las Vegas area over the next 24 months. Additionally, the firm will continue its aggressive acquisition of defaulted loans secured by key commercial assets in the market.
About Dalfen America Corp
Dalfen America Corp, the US arm of Dalfen's Ltd., is an industry leading private equity real estate firm headquartered in Montreal, Canada, with regional offices in Orlando, Dallas and Tampa. Through its investment funds and separate accounts, DAC acquires and manages commercial properties and securities throughout North America.
For more information visit: www.dalfen.net
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