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(SALT LAKE CITY, UT) -- Sorenson Group Holdings LLC, part of a 50-year-old, Salt Lake City-based real estate family, has purchased a structured portfolio of Federal Deposit Insurance Corp. commercial loans valued at $701 million.
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James Lee Sorenson
Sorenson acquired the loans from Diversified Business Strategies of Sandy, UT. The portfolio comprises loans from two failed banks closed by the FDIC in 2008 --- First National Bank of Nevada in Reno, NV and First Heritage Bank of Newport Beach, CA.
Sorenson didn't disclose the purchase price of the loans.
"Our goal is to work out the best disposition of these assets for the FDIC, for investors and for borrowers," says James Lee Sorenson, Sorenson Group Holdings CEO, founder and lead investor.
Sorenson says Sorenson Group Holdings will own the loan portfolio and The Sorenson Group will manage it. The properties are in Arizona, Nevada, New Mexico, Texas and California.
"The FDIC has been selling structured portfolios of residential and commercial loans from failed banks, giving portfolio investors the opportunity to make investment returns by working out resolution of the loans in ways beneficial to the borrower and lender," says Sorenson.
Portfolio investors share a percentage of the sale proceeds with the FDIC.
Tim Fenton and Joe Sorenson, directors of The Sorenson Group, are also partners with James Lee Sorenson in Sorenson Group Holdings.
Sorenson Group has developed prime real estate along Utah's Wasatch Front, including the 7,000-unit, master-planned Rosecrest community. |