McDowell Properties, through an affiliate, purchased the "B-Piece" of a recent commercial mortgage securitization at a significant discount to face value. The mortgages are secured by a $1.077 billion portfolio of high quality, diversified real estate throughout the United States. McDowell Properties believes that it is an opportune time to invest in mortgage securitizations as lenders continue to underwrite conservatively. We have made investments in over $23 billion in mortgages and over 291,000 units.
McDowell is a leading real estate investment and development company that focuses on conventional and affordable multifamily properties in growth markets throughout the United States. The company has offices in Dallas, Denver, Miami, New York, Raleigh, and San Francisco. Since inception, we have acquired over $3.6 billion of real estate comprised of over 45,000 units and made investments in commercial mortgage-backed securities backed over $23.0 billion in multifamily loans. In addition, the company is one of the largest affordable housing developers in the country and currently has an active pipeline in Florida and Texas.