Wayne, NJ, November 25, 2010 --(PR.com
)-- Blue Asset Management LLC has closed a multi-million dollar tranche of non-performing commercial notes for properties in Hudson, Bergen and Passaic Counties previously owned by an national bank.
According to Charles Blumenkehl, CEO and managing partner of Blue Asset Management LLC, "We are excited about the opportunity to assist the lenders and borrowers involved in these properties. In acquiring the notes to these assets, we are enabling the bank to monetize their real estate interests while providing stability for the tenants and occupants of these premier assets. This is a win-win for everyone involved." Charles Blumenkehl founded Blue Asset Management LLC in 2008 and oversees its activities. According to Blumenkehl, his funds buy assets primarily in Bergen, Essex, Hudson, Morris and Passaic counties of New Jersey, and also has interests in central and southern New Jersey.
According to Blumenkehl, the transaction marks Blue's fourth closing in the past four months, and increases their portfolio value by almost 10%. "I have been in real estate long enough to understand the tremendous opportunities that abound for our investors. Our pricing model and execution platform have enabled us to leverage the environment as we continue to seek out new opportunities matching our profile."
For more information about Blue Asset Managememt LLC or Charles BLumenkehl, log onto the company website at www.blueassetmanagementllc.com or contact the company directly at 973-835-1400.