BLACKPOINT ACQUIRES $160 MILLION DISTRESSED PORTFOLIO
NEW YORK CITY — New York City-based Blackpoint Partners has acquired a $160 million portfolio of distressed assets from a regional lending institution. The portfolio contains 23 assets with a total of approximately 1,100 residential units. The assets include non-performing acquisition, development and construction loans for residential and commercial properties as well as REO of single- and multifamily residential communities at various stages of completion. A Blackpoint affiliate will be responsible for the oversight, management and workout of the portfolio.