OTHER NEWS - July 8, 1993
From Times Staff and Wire Reports
Investor Group Buys into HomeFed Portfolio: The federal Resolution Trust Corp. sold real estate loans with a book value of $735 million to the group for about $490 million. The 178 notes were held by HomeFed Bank of San Diego, a $12.4-billion-asset savings bank that failed a year ago. Most of the properties are apartment buildings on the West Coast. The group, consisting of the partnership Aldrich, Eastman & Waltch, along with Secured Capital Corp., J. E. Robert Co. and Cargill Financial Services, bought a 49% interest in the portfolio. The RTC retains a 51% interest. Salomon Bros. underwrote $300 million worth of bonds to finance most of the transaction.
