Brookfield Financial was named the exclusive broker for the $50.1 million Decathalon Portfolio, a group of 10 multi-family buildings in Upper Manhattan that were put on the market after lenders filed to foreclose on Vantage Properties. The portfolio includes 474 pre-war apartments in Washington Heights and Inwood, of which 116 are renovated. The properties are only available as a group, according to documents obtained by The Real Deal.
After acquiring the distressed loans last year, Lone Star Funds, the Dallas-based real estate firm, filed suit for more than $52 million against Vantage in March, alleging the owners failed to pay interest since May 2011.
Vantage and Apollo Real Estate (now called Area Property Partners) acquired the apartments from Chatham Realty Management in 2007 for $57.5 million, or $142 per square foot. The properties range geographically from 248 Sherman Avenue, a five-story walkup with 45 Units Near 207th Street in Inwood on the northern most end, down to 961 St. Nicholas Avenue and 158th Street in Washington Heights, a six-story elevator building with 58 apartments.
In May, Judge Anil Singh named a receiver to oversee the properties, and Barberry Rose Management Co. was named by the receiver as the building’s managing agent.
Ron Solarz and Eric Anton, both managing partners at Brookfield, are representing the sellers. Anton, Fried Frank attorney Janice MacAvoy, representing the borrowers, and Kaye Scholer attorney Efrem Schwalb were not immediately available for comment.
Vantage has been forced to sell a large percentage of its New York portfolio, as lenders filed to foreclose on the rental buildings or the properties fell into distress during the economic downturn. Savoy Park, an 1,800-unit residential complex in Harlem, was sold to the New York Affordable Housing Fund earlier this year.
Vantage and Area Property Partners sold another distressed portfolio in Harlem for $65 million to three different buyers, including Queens-based Alma Realty and two Manhattan-based firms, Sentinel Real Estate and Onex Real Estate Partners. Area Property Partners declined to comment.
It is not immediately known whom Brookfield is discussing the Decathalon properties with, but the aforementioned firms are expected to be among the bidders, according to analysts.
CORRECTION: An earlier version of this article said Brookfield Properties was tapped as the exclusive broker for this portfolio. It was, in fact, Brookfield Financial.