SilverLeaf acquires six non-performing loans totaling $16.611 million

SilverLeaf Financial has acquired six non-performing notes secured by various apartment complexes in Georgia. The aggregate unpaid balance of the notes totals $16.611 million. Current market conditions coupled with overleverage factored into the default. The underlying collateral is located within the metro area, and comprises 751 total apartment units. The subject loans originated between 2002-2008, for the purpose of acquiring the complexes. Shane Baldwin, a principal of SilverLeaf, said, "We liked the collateral, and felt comfortable with the location of the apartment complexes." This latest purchase brings SilverLeaf Financial's acquisition total to $647 million of face value non-performing notes since the company's inception. As part of the firm's continued focus on commercial real estate-related debt opportunities, SilverLeaf intends to purchase additional loans that match their opportunistic strategy.