Ropes & Gray Advises C-III Capital Partners on Regulatory Matters Related to Resource America Acquisition
Ropes & Gray acted as regulatory counsel to C-III Capital Partners LLC in its proposed acquisition of Resource America, Inc. Under the terms of the acquisition agreement, Resource America stockholders will receive $9.78 per share in cash, or a total of approximately $207 million.
Headquartered in Irving, Tex., C-III Capital Partners is a leading real estate investment manager and commercial property services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, investment sales and multifamily property management. Resource America is an asset management company that specializes in real estate and credit investments.
The addition of Resource America's asset management business to C-III Capital Partners' diverse suite of commercial real estate services will create a broad platform of products directed to retail and institutional investors. The transaction, announced May 23, is expected to close late in the third quarter or early in the fourth quarter of 2016 subject to approval by Resource America stockholders, regulatory approvals and other customary closing conditions. The acquisition is not subject to any financing conditions.
The Ropes & Gray team included hedge funds partner Sarah Davidoff (New York), private equity partner Matthew Richards (Chicago), real estate partner Richard Gordet (Boston), and investment management partners Adam Schlichtmann and Gregory Sheehan (both of Boston).