STRONG and ABOVE AVERAGE Rankings for C-III Asset Management LLC

C-III Asset Management LLC records ABOVE AVERAGE rankings in the category commercial primary and multifamily housing revenue bond servicer from Standard & Poor’s Ratings Services.  In addition, it was ranked STRONG as a commercial mortgage special servicer. According to the rating service, these rankings are stable and will not be subject to change in the near future.

C-III Asset Management LLC received its name on March 5, 2010, when C-III Capital Partners LLC, an affiliate of Island Capital Group, which was founded in 2003 by Andrew Farkas, acquired Centerline Servicing Inc. – the former name of the limited liability corporation. A consequence of the transaction was a split of Centerline in two entities. C-III examines the revenue bonds associated with the LIHTC portfolio, provides servicing, asset management and fund management for ARCap’s historical business line. Centerline Holding Co. works under CharterMac historical business lines by creating low-income housing tax credits (LIHTC) and offering agency lending. Read More…

The Real Estate Industry and Albany in 2011

Only a year ago, the climate in Albany for the real estate industry seemed ever more threatening. The governor actually lived in a rent-regulated apartment and was proud of it. Democrats in the Assembly had prepared an onerous series of bills to strengthen rent rules. The Senate was in Democratic hands and passage of the Assembly package in both houses seemed possible. Today, with the Senate almost guaranteed to return to Republican control, the industry is in much better position to protect its interests–just as the city’s rent regulation system laws are set to expire at midyear. Read More…

St Lucia to Welcome Atlantic Rally for Cruisers

CASTRIES, St Lucia, Monday November 15, 2010 – St Lucia’s yachting authorities are set to welcome the prestigious Atlantic Rally for Cruisers (ARC), an annual transatlantic sailing event for cruisers, which starts this month in the Canary Islands and ends before Christmas in Rodney Bay, St Lucia. St Lucia’s Director of Yachting, Cuthbert Didier, was pleased to report that the island’s yachting facilities remain strong and resilient following the passage of Hurricane Tomas last month. Read More…

IGY Adds Puerto Ricos Palmas del Mar Yacht Club to their Growing Fleet of Marinas

Island Global Yachting (IGY) announces the addition of Palmas del Mar Yacht Club, PR, expanding its Caribbean network of luxury yachting destinations.

“We are excited to welcome Palmas del Mar to the IGY family. Experiencing the staff’s hospitality and warm nature, combined with the marina’s megayacht capabilities, amenities and tranquil surroundings, makes it an ideal IGY marina destination and a great addition to the IGY Caribbean Anchor Pass flexibility,” says Tom Mukamal, President of IGY. Read More…

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.

IGY opened a European headquarters in Barcelona, Spain

Dedicated to Expansion in The Mediterranean – IGY Opens Office in Barcelona, Spain
FORT LAUDERDALE, FLORIDA (September 15, 2008):  Island Global Yachting (IGY), one of the world’s premier owners, developers and managers of luxury marinas and yachting lifestyle destinations, has opened a European headquarters in Barcelona, Spain.  This office will oversee operations and acquisition/development opportunities in the Mediterranean for the company.  IGY recently launched a strategy for expansion into this region, and has added and/or will be adding in the near future new marina locations in Croatia, Greece and Turkey.
“We are excited to open this new European office in Barcelona and believe it is the ideal location from which to base our growth in the Mediterranean,” said Charles Garner, president of Island Global Yachting. “We are fully committed to expanding our presence here and to introducing to the Mediterranean the same quality of facilities and service for which we are known in the Caribbean, the Americas and the Arabian Gulf.”
Click here to read more about IGY.

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.

Andrew Farkas sold his property in Southampton

Beach beauty

Real estate mogul and mega-yacht lover Andrew Farkas, of Insignia and Island Capital, has put his stunning Southampton beach house on the market for $9.995 million. The 10-bedroom, 7½-bath mansion comes with a gated entrance, a pool, two spas overlooking the bay, waterside patios, a tennis court, a private beach, two cabanas and a two-bedroom apartment over the garage.

Farkas purchased the bayfront house on Mullen Hill Lane for $5.4 million in 2004. Listing broker Susan Breitenbach of the Corcoran Group declined to comment. Perhaps Farkas’ next beach manse will be in Montauk, where he already owns the splashy Montauk Yacht Club.

Click here if you like to read more about Andrew Farkas’ acquisition in the original article.

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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