LNR's marketing department was up late last week churning out rosy nuggets for the Miami Herald and South Florida Business Journal. Just two months after hiring bankruptcy attorneys to figure out how to get themselves out of the hole that they are in (they just didn't do enough of those LNR CRE CDOs it turns out), we find out that they are selling a $1billion portfolio of small balance loans.
But wait, there's more...
The Miami Herald reports here, that LNR is one of the LARGEST CMBS firms and are the experts... they fail to mention the correlation between the firm's expertise and the whole "brink of bankruptcy" thing, but I'm sure its there. In all seriousness, there is going to be some real value to the new regime - just like at Centerline and Capmark who were sold for a song in recent months.
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3 comments:
Nice post. It is going to be interesting to follow LNR and see what happens to them in the end. I got to believe their special servicing arm is doing well, thought probably not what LNR originally intended for
why is LNR claiming their special servicing biz is not for sale?
and LNR is being sued directly in NYC to make repairs on deplorable conditions in buildings whose loans are in special servicing.
http://www.nytimes.com/2010/04/21/nyregion/21milbank.html
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