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Arcapita Bank Preparing To Liquidate $2 Billion in U.S. Assets

Bahrain Bank’s Ch. 11 Reorganization Plan Includes Disposal of its U.S. Investments
February 13, 2013
Arcapita Bank, an international investment firm based in Manama, Bahrain, plans to wind down operations as part of a proposed reorganization plan filed in its voluntary Chapter 11 bankruptcy cases in the United States.

The bank plans to put $2.37 billion portfolio of investments in real estate, private equity and venture capital, and infrastructure up for sale -- the bulk of the assets in the United States.

The plan allows Arcapita and its affiliates to continue to operate their businesses and manage their properties.

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Arcapita’s largest U.S. real estate holdings include:

Arcapita US Residential Development III, a $435.1 million collection of development joint ventures formed in October 2005 to invest in a portfolio of U.S. apartment properties that were planned to be converted and sold as condominiums. Bourbon Square Apts. is a joint venture conversion of a 612-unit rental community in a suburb of Chicago. 147 Waverly Place in New York is a joint venture to convert a 12-story office building in Greenwich Village into 20 luxury residential condominiums, all of which have been sold.

Arcapita US Residential Development II, a $245 million joint venture that has developed the Elysian, a 61-story high-rise tower in the heart of Chicago’s Gold Coast neighborhood. The project comprises 52 residential condominiums, 188 hotel units, as well as retail space, health club, restaurant and on-site parking.

Arcapita US Residential Development I, a $182 million joint venture with Bainbridge Communities Management for a condominium conversion in Orlando, FL. The joint venture purchased two apartment properties totaling 911 units, as well as a contiguous 48-acre parcel.

Arcapita US Senior Living Yielding IV, a $493.5 million fund, owns and operates 19 senior living properties with 3,936 residential units which are diversified geographically across the United States.

Arcapita International Luxury Residential Development I, a $689.4 million portfolio, comprising four luxury residential developments: Castello di Casole, a 4,300-acre development situated in the Tuscany region of Italy planned to include a 41-suite luxury boutique hotel and 40 renovated and newly constructed villas; Aspen Valley Ranch, an 813-acre parcel in Aspen, CO, planned for luxury ranch homes or improved lots with various ranch amenities; Pond Bay Club, being constructed on a 15-acre beachfront parcel on the island of St. John that will consist of 50 fractional units and facilities; One Steamboat Place in Steamboat Springs, CO, consists of 38 whole ownership condominiums and 42 private residence club units with support facilities.

A Bankruptcy Court hearing on the proposal is expected within the next 45 days before being submitted to creditors for a vote.

Keep up weekly on national news, trends and property leads with the Watch List Newsletter, a weekly pdf that includes other news and leads not found on the CoStar Group web news pages. Sign up for the Watch List E-Mail Alert. A new issue is published late each Wednesday.

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