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Queens Chronicle

Triangle seeks troubled New York-area loans

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Posted: Thursday, April 28, 2011 12:00 pm

   Triangle Equities, an investment and development company, is looking to acquire troubled commercial real estate debt in the New York area.

   “We’ve talked to banks about doing a host of different things, besides just outright buying the notes. We’ve suggested joint ventures to help work out problem loans. We’d also be willing to be a fee developer, as opposed to taking equity, so that a bank could pay a monthly stipend to help them move problems along,” said Brett Goldman, director of acquisitions. The company is looking to actively deploy capital over the next 18 months for opportunistic plays in multifamily, office and retail.

   The Queens-based company recently acquired an $8 million non-performing construction loan on a multi-use property at 42-05 Parsons Blvd. in Flushing and a revolving line of credit from First American International Bank, a New York City-based commercial bank. Together, the loan and the credit line have an outstanding principal balance of more than $8.3 million. Triangle made the acquisition with existing capital, which was a draw for First American, Goldman added.

   Matt Delicata, acquisitions analyst, said banks are more actively looking to sell small-balance loans but are doing so on an asset-by-asset basis, trying to focus on core competencies or isolating problem loans. The company makes acquisitions in all property types within a 75-mile radius of New York, Goldman said. Still, Triangle’s focus is mainly on New York’s five boroughs and the company is developing a large mixed-use property on Staten Island. Investments range from $4-50 million, with a target internal rate of return of more than 15 percent. Triangle uses leverage where possible and is a long-term holder, keeping assets on its balance sheet.

   Formed in 2008, Triangle’s Workout Services Group, focuses on customized solutions that address the specific needs of owners, lenders and special services encumbered by devalued or distressed assets. As a well-capitalized development and investment company, Triangle is uniquely positioned to purchase distressed assets, turnaround troubled projects and rescue overleveraged operating assets.

   Triangle Equities Development Co., LLC, established in 1986, is a diversified, full-service real estate development company. Triangle and its related entities develop, own and manage commercial, residential and industrial properties. Triangle has developed several million square feet of commercial space and currently owns and operates a portfolio of over one million square feet of commercial property in the New York City metropolitan region.

   For more information on Triangle Equities and its Workout Services Group, contact Brett Goldman, director of acquisitions, at (718) 463-5757, ext. 105 or at bggoldman@triequities.com.

    

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