Miami, Florida (PRWEB) June 16, 2017
Miami, Fla.-based real estate development company, Fortune International Group (Fortune), and Miami, Fla.-based real estate investment and asset management firm, Rialto Capital Management (Rialto), have joined forces to launch Vaster Capital – a private bridge lender specializing in residential and commercial real estate.
The goal of the company will be to fill a void in the marketplace for South Florida real estate investors seeking bridge loan products, including foreign nationals.
As a recognized leader in development, sales and marketing for more than three decades, Fortune International Group has one of the industry’s most prestigious development portfolios -- including a myriad of South Florida’s most prominent projects, such as Jade Signature, The Ritz-Carlton Residences, Sunny Isles Beach, and Auberge Beach Residences and Spa Fort Lauderdale. In addition, Fortune is the exclusive sales and marketing representative for twenty-two projects totaling more than $6.7B in the company’s portfolio.
Rialto, which invests and manages assets throughout the capital structure in real estate properties, loans and securities, boasts a deep-rooted background in institutional lending and financial services. Given those core strengths, coupled with Fortune’s real estate development and sales experience, Vaster Capital will offer a sophisticated synergy of services, aptly and efficiently providing loans for South Florida real estate assets.
“Our goal has been to satisfy a long-standing gap within our marketplace…providing professional and customized bridge lending products while better servicing the Miami real estate investor,” said Edgardo Defortuna, President and CEO of Fortune International Group. “This is a need I have always sought to address, appreciating that numerous buyers – both in the U.S. and beyond – are interested in buying and selling real estate offerings in Miami, but do not have access to customized loan offerings that meet their specific needs.”
Vaster has the ability to close loans much faster when compared to other lenders due to less bureaucracy and the use of technology. The firm plans to lend a substantial amount of capital in South Florida, with a goal to expand geographically in the near future.
“Given both Rialto and Fortune’s knowledge of the real estate industry, along with Rialto’s extensive experience in real estate lending, Vaster Capital is structured to become an important lender in South Florida as well as other key markets, allowing borrowers to accomplish their financing needs through a seamless and efficient process,” said Eric Feder, Vice Chairman of Rialto Capital Management.
In addition, Vaster formed a joint-venture, Vaster Capital II, with the Related Group to provide financing for buyers purchasing at Related’s portfolio of projects including those currently represented by Fortune International Group, such as: Paraiso Bay, Brickell Heights, Hyde Midtown, and SLS Lux. Fortune International Group and Related Group are also partners in Auberge Beach Residences & Spa, as well as the recently completed Hyde Resort & Residences in Hollywood Beach.
About the Team
Vaster Capital is a private bridge lender funded by institutional capital that specializes in residential and commercial real estate. With over thirty years of experience in the real estate market, the Vaster Capital team will quickly determine a deal’s viability and structure a custom solution to close the loan. Vaster Capital focuses on domestic and foreign real estate investors who need financing to acquire investment properties in the U.S. with a desire to have easy access to liquidity. For more information, please visit http://www.vastercapital.com or call 305-673-3011.
Fortune International Group
Synonymous with excellence, quality, customer service and unwavering commitment to the highest standards of luxury, Fortune has been a recognized leader in development, sales and marketing since 1983. The company’s prestigious development portfolio includes many of the most prominent residential projects in South Florida including Jade Signature, The Ritz-Carlton Sunny Isles, Auberge Beach Residences and Spa Fort Lauderdale and Hyde Resort & Residences Hollywood. In addition, Fortune Development Sales is the premier, exclusive on-site sales and marketing representative for third-party development projects in South Florida, having represented some of South Florida’s most successful projects with thousands of sales to date. Led by visionary founder Edgardo Defortuna, Fortune International Group has 18 offices around the world with nearly 1,000 associates. Fortune’s international broker network reaches legions of prospective buyers from South Florida to Buenos Aires, Hong Kong to São Paolo, and Manhattan to Paris. http://www.fortuneintlgroup.com.
Rialto Capital Management
Rialto Capital Management ("Rialto") is a vertically integrated real estate investment and asset management company that invests and manages assets throughout the capital structure in real estate properties, loans and securities. In addition to investing its own capital, Rialto manages a number of private equity vehicles and has overseen other investments with various partners. Rialto was formed in 2007, and has participated in the investment of $6.4 billion of equity in real estate assets. The company is headquartered in Miami, Florida, and has over 350 dedicated professionals operating in 13 offices throughout the United States and four offices in Europe. Rialto's executive management team is comprised of seasoned professionals who have been market leaders globally in CMBS securities investing, loan origination, distressed debt and commercial and residential properties through multiple cycles. Rialto's parent company, Lennar Corporation, formed in 1954, is one of the largest public homebuilders and community developers in the United States, and is supported by approximately 8,000 professionals.