ALPHARETTA, Ga.--()--Hibernian Pacific Holdings, LLC closed today on an OREO office portfolio in West Forsyth County. The 3-building portfolio was a follow-up transaction with Renasant Bank in participation with another loss share bank. Hibernian completed their first deal with Renasant Bank when they purchased certain assets supporting the LakePoint Sporting Community & Town Center project in Emerson, GA. A.J. Belt III, Principal of Avison & Young- Florida, was the broker and will handle the leasing for the property.
“It is Hibernian’s distinctive financing structure which gave us the ability of creating a price that allowed us to transact.”
“Hibernian was able to structure a transparent bid strategy which ultimately led to a successful closing. This, coupled with their financing structure, enabled the deal to close,” said LeAnne Gochee, Vice President of Renasant Bank.
Hibernian utilizes their financing structure to close the spread between the asking and selling price. By employing this proprietary capital model, Hibernian seeks to protect the bank’s capital, help the banks realize enhanced pricing, while minimizing negative impact to their capital ratios relative to traditional all cash offers.
Hibernian plans to utilize their creative financing structure to acquire larger portfolios of assets throughout the next 24 months through 2014.
“The property had been foreclosed on for more than 3 years,” said Hibernian Pacific Holdings Executive Vice President & COO, Kerry Mock. “It is Hibernian’s distinctive financing structure which gave us the ability of creating a price that allowed us to transact.”
Hibernian’s core investment strategy is in commercial real estate, including retail, office, hospitality, multi‐family and industrial assets, with strong asset management, investment management, capital markets, and structured product development.
About Hibernian Pacific Holdings
Hibernian Pacific Holdings, LLC, is a real estate investment company based in Alpharetta, GA. The company was established to acquire commercial real estate assets and non-performing commercial real estate loans.
HPH is focusing its efforts on acquiring cash-flowing and value-add commercial real estate properties and non-performing loans. In a short time, Hibernian Pacific has acquired millions of dollars in distressed assets from community banks around the country, and have recently expanded into Europe, thus making the company a real market competitor. www.hibernianpacific.com