Signature Group Investments (SGI), in partnership with a private equity group, has purchased a pool of non-performing and performing loans from a New York City based community bank at the end of December 2013.
This transaction is the first portfolio loan sale that this bank has conducted.
Nick Jekogian, chief executive of SGI, says: "Signature prefers doing deals with community banks. There are about 6,800 of them across the US, and many are still holding the liabilities of non-performing loans on their books. SGI's programme allows banks to eliminate these liabilities and the costly burden of managing non-performing assets."
SGI is a privately held investment organisation that specialises in the acquisition and management of real estate and related equity, debt, and hybrid investments on behalf of private and institutional investors.
SGI has a core expertise in US real estate with a portfolio of apartment, retail, office, and industrial projects across the country and in the Caribbean. SGI has a major focus on the acquisition and repositioning of distressed debt and corporate assets internationally.