Posted by admin on Oct 17, 2011
In the Midtown offices of the Lark Play Development Center on Tuesday, the playwright Sandi Goff Farkas was awarded the first ever Lark Risktaker Award for her creation of the Playwrights of New York (Pony) Fellowship. Pony supports emerging playwrights with a monthly stipend and the use of an apartment for a year.
Katori Hall, a Pony recipient whose play “The Mountaintop” started at the Lark in 2007 and opens on Broadway on Thursday, was on hand to give Ms. Goff Farkas her award. She neighed at the presentation of a glass pony and described the benefactor as “the most gorgeous woman with legs as tall as skyscrapers. I was like, ‘What is this woman doing helping the Lark?'”
Ms. Goff Farkas, who writes plays and screenplays “about business people and their family dynamics,” said she created Pony because she saw the pull of Hollywood over New York for young writers. “I witnessed a lot of great plays not get written,” she said. She asked her husband, Andrew Farkas, the CEO of Island Capital Group, to buy an apartment, “and he did,” and asked 12 friends for $2,500 each “to support a playwright for a month.” She thanked everyone “who ponied up here” for the evening and “my own patron,” i.e. Andrew Farkas, “who puts me in a nice apartment. I get a stipend and he gives me support in every category.”
Read the full article on The Wall Street Journal.
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Posted by admin on Oct 13, 2011
JER Investors Trust Inc. (“JERIT”) today summarized for its shareholders the following recent developments:
— The New Manager is an indirect subsidiary of C-III Capital Partners LLC (“C-III”). Joseph Lytle, Robert Phillips and Jenna Unell are employees of C-III. Lawrence Block, William Jarrard and Yvonne Owens are employees of Island Capital Group LLC, which indirectly controls C-III. More information about C-III is provided below.
— These changes to JERIT’s management were effected in connection with a transaction in which C-III purchased the commercial real estate special servicing and collateralized debt obligation (“CDO”) management businesses previously operated by J.E. Robert Company, Inc. (“JER”) and its affiliates. As a result of that transaction, affiliates of C-III have taken over the special servicing (previously performed by JER) of loans collateralizing various commercial mortgage-backed securities (“CMBS”) owned by two subsidiaries of JERIT that have issued CDOs, as well as collateral administration of those CDO entities.
Read the full press release on Market Watch.
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Posted by admin on Oct 6, 2011
Fitch Ratings affirms C-III Asset Management LLC commercial mortgage-backed securities (CMBS) primary servicer rating at ‘CPS2-‘ and its special servicer rating at ‘CSS1-‘.
On Aug. 30, 2011, C-III Capital Partners LLC (C-III) announced that it had acquired the special servicing and CDO management businesses of JER Partners (JER), a private real estate investment management company. JER was the named special servicer for $35.5 billion of commercial real estate loans, of which approximately $4 billion is currently in special servicing and under active management.
C-III will merge JER’s special servicing operations into its wholly owned subsidiary, C-III Asset Management LLC, which is a special servicer of commercial real estate loans. With the acquisition, C-III is now the named special servicer for approximately 14,000 loans with an aggregate balance in excess of $152 billion, of which approximately $17 billion is currently in special servicing.
Fitch has affirmed the following ratings:
CIII –Special servicer rating at ‘CSS1-‘; –Primary servicer rating at ‘CPS2-‘.
Additional information is available at www.fitchratings.com.
Andrew Farkas is the CEO of C-III Capital Partners.
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Posted by admin on Aug 31, 2011
C-III Capital Partners LLC (C-III) announced today that it has acquired the commercial real estate special servicing and CDO management businesses of JER Partners (JER), a private real estate investment management company. JER is the named special servicer for $35.5 billion of commercial real estate loans, of which approximately $4 billion is currently in special servicing and under active management.
C-III will merge JER’s special servicing operations into its wholly-owned subsidiary, C-III Asset Management LLC, which is a highly rated primary and special servicer of commercial real estate loans. With the acquisition, C-III is now the named special servicer for approximately 14,000 loans with an aggregate balance in excess of $152 billion, of which approximately $17 billion is currently in special servicing.
“This acquisition strengthens C-III’s position as one of the top three special servicers in the country and advances our growth strategy,” said Andrew Farkas, Chairman and CEO of C-III Capital Partners. “Special servicing is a key foundation of our strategy to create a fully diversified commercial real estate company.”
“JER’s servicing portfolio, depth of experience and industry expertise will be a great fit with C-III,” stated Paul Smyth, President of C-III Asset Management. “We look forward to integrating their exceptional team of professionals into our expanding, highly experienced C-III team.”
The acquisition of JER’s special servicing and CDO management businesses follows 16 months of tremendous growth for C-III. C-III commenced operations with the purchase of Centerline Capital Group’s commercial loan servicing and institutional real estate debt fund management businesses in March 2010. Since that time, C-III has successfully launched mortgage origination, investment sales and title insurance businesses and expanded its principal investment, loan origination, fund management and primary and special loan servicing businesses. On June 22, 2011, C-III announced its agreement to acquire NAI Global, the largest network of independent commercial real estate services firms worldwide.
Financial terms of the transaction with JER were not disclosed.
About C-III Capital Partners
C-III Capital Partners LLC is a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management and principal investment. The company’s principal place of business is located in Irving, TX, and it has additional offices in New York, NY, Greenville, SC and Nashville, TN.
C-III Asset Management LLC, a wholly-owned subsidiary of C-III Capital Partners, is a highly rated servicer (primary and special) of commercial real estate loans. Its clients include issuers of commercial mortgage-backed securities (CMBS) and collateralized debt obligations (CDOs), institutional lenders and other investors. C-III Asset Management is rated “CPS 2-” by Fitch and “Above Average” by Standard & Poor’s as a primary servicer, and is one of the highest rated special servicers in the industry with ratings of “CSS 1-” by Fitch and “Strong” by Standard & Poor’s. For more information, visit www.c3cp.com.
About JER Partners
JER Partners is a fully integrated private real estate investment management company with 30 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in the U.S. and Europe. Together with its financial and operating partners, JER Partners has purchased and managed approximately 15,000 assets totaling $28 billion. The firm also invests in CMBS, mezzanine financing and other structured debt products. For more information, visit www.jer.com.
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Posted by admin on Aug 11, 2011
Andrew Farkas founded Island Capital Group (ICG) in May 2003 and currently serves as its Managing Member, Chairman and CEO. Island Capital Group is a leading international real estate merchant bank engaged in a broad range of real estate related activities. Through its headquarters in New York City, ICG pursues a broad range of real estate-related investments. Its management team is comprised of individuals with financial expertise and true operating experience in order to view investments more critically and understand complex opportunities.
ICG has a unique strategy for identifying opportunities with a “top down” and “bottom up” method by taking a proactive approach to sourcing investments that is consistent with its investment thesis and leveraging its extensive network of brokerage, banking and institutional relationships.
Island Capital Group has six portfolio companies listed on its website: C-III Capital Partners, Centerline Holding Company, Island Global Yachting, Applied Technology & Management, ENSeC and ICG Realty. ICG provides several services, which are listed under “Businesses” on its site: (1) advisory, consulting and asset management services, (2) commercial real estate loan servicing, (3) fund management, (4) principal investment and co-investment, and (5) development.
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