Savanna Investment Management purchases $120 million in debt loans

Savanna Investment Management, LLC, has acquired $120 million in debt on seven office, residential and retail properties throughout Manhattan, Long Island and Connecticut. The firm purchased the loans from four major Wall St. banks at discounts of up to 30%. The transactions through the Savanna Real Estate Fund I, continue to advance the firm's opportunistic private equity investment strategy designed to take advantage of the credit crisis dislocation by acquiring subordinate bank notes. The firm closed Savanna Real Estate Fund I to investors and plans to acquire $1 billion in new investment and development opportunities throughout the northeast and middle Atlantic states. The fund focuses on direct acquisitions for its own account, as well as selective joint-venture equity and mezzanine debt investments with third parties. The fund already controls two major development sites adjacent to transportation hubs, and is building a 100,000 s/f residential rental and retail building at 31st St. and 8th Ave., across the street from Madison Sq. Garden and the Farley Post Office/Moynihan Station project, in the heart of the Penn Station redevelopment corridor.