First Market takes $20.5M multi-family loans

First Market Properties, which has offices in Miami and New York, has
negotiated a deal to acquire $20.5 million in distressed real estate
debt on multi-family properties in South Florida. The firm has purchased
25 multifamily properties with a total of 350 units across Broward and
Palm Beach counties. The properties have between five and 50 units each.
Aaron Kurlansky, head of South Florida acquisitions for First Market,
said the deals closed in only 10 days. The firm specializes in buying
non-performing residential and commercial debt. TRD