NEW YORK, NY--(Marketwired - Sep 8, 2016) - Resource Capital Corp. (NYSE: RSO) ("RSO"), announced today that C-III Capital Partners LLC ("C-III"), a leading commercial real estate investment management firm, has successfully completed its acquisition of Resource America, Inc. (NASDAQ: REXI) ("Resource America"), the parent company of RSO's external manager. The acquisition includes 715,386 shares of RSO common equity (2.3% of RSO's outstanding shares).
In conjunction with the closing of the transaction, Robert C. Lieber, Executive Managing Director of C-III, has succeeded Jonathan Cohen as Chief Executive Officer and President of RSO. Andrew L. Farkas, Chief Executive Officer of C-III, and Jeffrey P. Cohen, Executive Managing Director of C-III, have joined the RSO Board of Directors, replacing Jonathan Z. Cohen and Edward E. Cohen, who have stepped down.
About Resource Capital Corp.
RSO is a real estate investment trust that is primarily focused on originating, holding and managing commercial mortgage loans and other commercial real estate-related debt and equity investments. The Company is externally managed by Resource Capital Manager, Inc., an indirect subsidiary that is now wholly-owned by C-III Capital Partners. More information about RSO can be found at the company's website at www.resourcecapitalcorp.com or by contacting Marketing and Investor Relations at firstname.lastname@example.org
About C-III Capital Partners LLC
C-III Capital Partners LLC is a leading real estate investment management and commercial property services company engaged in a broad range of activities. As one of the largest special servicers of commercial mortgage backed securities in the U.S., C-III utilizes its real estate expertise to resolve defaulted CMBS loans for over 130 CMBS trusts comprising $79 billion of commercial real estate loans. C-III manages approximately $4 billion in funds and structured product vehicles that focus on commercial real estate equity and debt investments, including nine real estate debt funds, four real estate equity funds, one hybrid debt and equity fund and a private REIT, along with CRE-CDOs and ReREMICs. In addition, since its founding in 2010, C-III has originated $5.2 billion in mortgages and manages funds that have acquired approximately $10 billion face amount of CMBS bonds. Through U.S. Residential, its wholly-owned subsidiary, C-III manages over 40,000 multifamily units nationwide. With the NAI Global brand also owned by C-III, the company's member firms have more than 375 offices worldwide, with over 6,700 professionals, managing over 380 million square feet of property. C-III's online marketplace, Real Capital Markets, has closed $1.7 trillion in real estate asset and loan sales since inception in 1999. C-III is headquartered in Irving, TX, and has additional offices in New York, NY, Greenville, SC, and Nashville, TN.