Island Capital Group

Island Capital Group announced Acquisition in March 2010

NEW YORK–(BUSINESS WIRE)–Island Capital Group LLC (“Island Capital”), a private real estate oriented merchant banking firm controlled by Andrew L. Farkas, and Centerline Holding Company (“Centerline”) announced today that through its affiliate C-III Capital Partners (“C-III”), Island had acquired 100% of Centerline’s institutional real estate debt fund management and commercial mortgage loan servicing businesses. This transaction immediately makes the newly created private company one of the largest special servicers of CMBS in the United States, as it is presently the named special servicer for approximately $110 billion of loans in 81 CMBS securitizations.

In connection with the acquisition, Island Capital along with Centerline also announced that Island had completed a total restructuring of Centerline’s financial structure and core business operations by eliminating approximately $1.6 billion of debt, contingent liabilities and preferred equity, providing a much needed injection of equity and liquidity and permitting the company to emerge as one of the healthiest and now most stable companies in its industry. Island Capital affiliates provided in excess of $100 million of new cash equity in connection with the acquisition and restructuring, and C-III will also own approximately 40% of Centerline, which will remain as a public company.

Click here to read more about Island Captial Group.

Andrew Farkas, CEO of Island Global Yachting, is featured in the May/June 2007 issue of Haute Living Magazine

A born entrepreneur, Andrew Farkas says that his business sense came naturally, even in his youth. “My father reminded me that when I was eight years old, for a weekend art project, I drew a stock certificate on a piece of paper and sold it to my grandfather for ten cents,” Farkas recalls with a deep chuckle. “I had forgotten that story until just now!” While the tale may have slipped his mind, the entrepreneurship is still well instilled.

While most eight year olds wouldn’t even know what a stock certificate looked like, Farkas already knew undoubtedly he would head into the business world. At the age of 16, his first company, called Data Mini Systems, wrote and sold software in a time when the term P.C. did not yet exist; Farkas, a New York City Native, has been unusually ahead of the learning curve throughout his life.

Click here to read more about Andrew Farkas.

Farkas all set to buy Centerline Holding Co: report

(Reuters) – U.S. real estate investor Andrew Farkas is all set to buy Centerline Holding Co, a provider of real estate financial and asset management services, by investing $100 million in equity in the company, the Wall Street Journal said. Farkas will also assume $180 million of Centerline’s debt, the paper said.

The deal comes at a time when opportunistic investors are scouting for profitable deals to take advantage of the carnage in commercial real estate, according to the paper. Island Capital Group, founded by Farkas, bought the Centerline unit that specializes in restructuring ailing mortgages that were packaged into bonds, the paper said. The unit is the designated “special servicer” for about $110 billion of loans bundled into commercial mortgage backed securities, according to the paper. Read More…

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