Archives for January 2016

Blue Asset Management LLC opens in Detroit, Michigan

Detroit — December, 2015 — Blue Asset Management LLC has entered the Detroit Michigan real estate market. The fund announced the formation of Blue asset Management Midwest, LLC, based in Southfield, Michigan. The company closed on its first investment in the local market in June 2015, purchasing a 50 unit garden apartment complex near the quickly re-developing Gratiot Ave. area of the city.

 

Blue Asset Management Midwest LLC says it will have access to a robust team of experienced real estate, construction and redevelopment professionals with roots in Detroit multi-family and commercial real estate property disposition. The Detroit subsidiary will focus on redevelopment and affordable housing opportunities applying Blue Asset Management LLC development and management processes and services, investing in the rebuilding of the Detroit region.

 

Much investor interest has been directed at Detroit as it rebuilds. Dan Gilbert, the billionaire founder of Quicken Loans has bought over 70 different properties in Detroit, and the DDI Group, a Chinese investment company , JPMorgan Chase and Warren Buffett, whose investment track record is fairly impressive, have also invested in Detroit’s resurrection. Buffett enthusiastically described the future of the city, according to MLive, saying “You actually have a major industry now, a huge industry, that’s come back big, big time. And that’s been a difference not only to Detroit, that’s been a difference all over the United States”. Buffett continued, “The United States with a flourishing Detroit is going to be a lot better than a United States without one.”

 

Recently, a real estate investment firm from Chicago, Capri Investment Group LLC, began taking investors for a project in Detroit, specifically asking for $200 million to put toward multifamily dwellings. “Capri believes the attractiveness of living in Detroit’s urban core continues to grow, as evidenced by the recent success of multifamily investments; but the lack of high-quality, multifamily dwelling options remains an impediment to the revitalization of the greater downtown area,” reads the offering, according to Crain’s Detroit Business.

 

As interest in Detroit real estate increases, Blue Asset Management Midwest LLC  is increasingly focused on repositioning local opportunities to improve the community environment. Through its presence in Detroit, Blue Asset Management Midwest hopes to play a meaningful role by driving real estate investments into profitability while at the same time contributing to the betterment of the community.

 

Charles Blumenkehl. President of Blue Asset Management LLC, parent company of Blue Asset Management Midwest, said, “We are committed to fostering neighborhood revitalization. Our new subsidiary will explore and participate in existing efforts, and collaborate with the local community.”

 

Blue Asset Management Midwest LLC is dedicated to the revitalization of the Detroit real estate market through careful investment, community planning and redevelopment. For additional information Blue Asset Management Midwest LLC or to present possible investment opportunities to the firm, contact Elliot Blumenkehl, Director, at Detroit Development Real Estate 2489359707

 

About Blue Asset Management LLC

 

Blue Asset Management LLC was founded by Charles Blumenkehl in 2008 to assist in meeting and solving the mortgage crisis that had crippled the real estate industry at the time. Blue Asset Management LLC has purchased and managed over $100 million of non-performing commercial debt since that time. In addition to Detroit, Blue Asset Management LLC oversees investments in New Jersey and the New England states. For more information about Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com.

 

Blue Asset Management LLC Opens New England office

Boston, MA, October 10, 2014 — New Jersey based Blue Asset Management LLC, a leading small and mid-cap mortgage disposition firm dealing in non-performing commercial mortgage debt, has recently opened a second office in Hingham Massachusetts expanding the company’s northeast footprint to seven states. Matt Galvin, local real estate operator who has been involved in numerous high yield real estate acquisitions in New England while working with several large New England real estate groups, was named managing director. The office is located at 25 Recreation Park Drive Ste 206, Hingham, Mass.

The opening follows four years of strong performance resulting in the acquisition and disposition of over $120 million in commercial mortgage debt by Blue Asset Management. The new office currently has been involved in the acquisition of over $30 million in real estate assets under management in New England, and is targeting $100 million in the next 12 months.

“Blue Asset Management’s steady growth and our expanding national footprint are a tribute to our talented staff, successfully navigating the mortgage challenges existing in these past few years,” according to Charles Blumenkehl, CEO and founder of Blue Asset Management. “Our asset management team understands the product and players and achieves top executions for our firm and investors.”

“The New England market is bustling with activity,” according to Matt Galvin, director of the New England office. “We provide an excellent solution for lenders and banks as the economy strengthens. I’m excited to combine our talents in the repositioning and disposition of these assets.”

A continuous effort of providing capital solutions for non-performing debt to local, regional and national commercial banks and lenders remains the key driver for the firm’s success. Blumenkehl added, “The ability to fund and execute quickly and efficiently makes us a huge value added to our banking relationships as we continue to assist in repositioning non-performing assets to the benefit of the lender, borrower and our investors.

Founded in 2008, Blue Asset Management is a private company with real estate and mortgage interests in New Jersey, New York, Massachusetts, Connecticut, Rhode Island, New Hampshire and Pennsylvania. For more information about Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com .