Remington, Black Hawk form joint venture to raise $200 million bridge loan fund

Scottsdale, March 24, 2010. Remington hopes to dramatically expand its nationwide financial services capability by forming a joint venture company aimed at raising a $200 million commercial bridge loan financing fund.

In announcing the formation of Secured Capital Income Fund LP (SCIF) with Black Hawk Capital Managers, Remington Chairman Andy Bogdanoff said, Remingtons planned entry into the capital lending business represents an exciting expansion of its business plan and a reaffirmation of our commitment to providing the best access to commercial capital for real estate brokers and their clients nationwide.

Currently raising institutional interest in SCIF is Secured Opportunity Management, LLC, a joint venture company formed to manage the proposed bridge loan financing fund. Bridge loans are short-term equity financing that bridges the gap between funds needed now and when longer term-term financing becomes available.

Our intent is to create an equity fund with a powerful origination capability, Bogdanoff said When active, SCIF will have the capability of identifying the bridge loan needs of all the loan originations transacted annually by Remington and Black Hawk. On average, about 20% of the loan originations transacted by Remington require bridge loan financing.

An expert in the commercial real estate industry for more than 35 years, Bogdanoff founded Remington in 1993. Since then, the financial services company has arranged about $5 billion in commercial real estate transactions for all types of property across the capital stack. Black Hawk, its joint venture partner, is a restructuring and bridge loan specialist, closing over $1.5 billion of commercial transactions since 1995.