Pacifica Equity Partners has appointed former CWCapital executive Gina Lambis as the firm increasingly focuses on distressed real estate debt investments.
The San Diego-based firm hired Lambis, a former asset management analyst, to work with its asset management team as it acquires performing and non-performing property loans. She was previously a a senior asset analyst at commercial mortgage REIT Criimi Mae
In January, Pacifica closed on four pools of discounted residential and commercial debt backed by real estate in US Sunbelt states, such as Florida, California and Nevada. The notes, with a face value of $200 million, were bought from regional banks for “deep discounts”, Pacifica’s managing director Chris Rosenstock said at the time.
Pacifica today said it had closed on two more pools of residential non-performing loans in southern as well as two separate pools of notes, one performing and one non-performing, backed by senior housing assets in southern California.
“When more than three-quarters of your portfolio of loans is non-performing you need staff who can help you resolve the issues involved, whether its dealing with the court systems, getting properties through foreclosure, issuing notices of default. Bringing those skills in-house is crucial given today’s opportunities,” Rosenstock told PERE.