Sortis Holdings launches USD50m distressed real estate opportunity fund
Sortis Holdings (SOHI), a Portland, Oregon-based alternative investment fund manager, has launched its sixth investment fund, the Sortis Distressed Opportunity Fund, which will look to capitalise on “once-in-a-cycle” real estate and business opportunities created as a result of the COVID-19 outbreak.
The Sortis team does not estimate a lengthy recession following the pandemic, but they do believe the crisis will have a deep enough impact on certain areas of the real estate market to create special situation opportunities. While the fund will remain asset class agnostic, the management team is eyeing a few particular areas within the real estate market initially.
The Sortis Distressed Opportunity Fund will look to acquire qualified distressed debt, physical real estate, and select operating businesses across the Western United States. This could include, but not limited to: failed projects, discounted performing & non-performing loans, foreclosures, bankruptcies, and other complex situations.
Building upon its existing fund family foundation, the Sortis team will continue its thematic approach into distressed opportunities, while maintaining a keen focus on capital preservation through built-in downside protection and safeguards.
Fund officers will include:
• Jef Baker: Sortis Holdings President and CEO
• Paul Brenneke: Sortis Holdings Executive Chairman
• Sam Ross: Sortis Holdings Asset Manager
”Our team and platform worked through the last recession, to successfully underwrite and sell over a billion dollars of distressed real estate loans and assets from bank balance sheets. This background added to our lending and real estate developing expertise puts us in the perfect position to bring significant value to our investors participating in the opportunities this current economic environment provides,” says Paul Brenneke, Sortis Holdings Executive Chairman.
Sortis Distressed Opportunity Fund joins the Sortis Income Fund, the Sortis Growth Fund, the Sortis Opportunity Zone Fund, and two project specific Opportunity Zone Funds, as the company continues to build its family of funds.