New Providence Capital is a buyer of distressed assets from banks and other lending institutions in Texas and Florida. We are allocating a significant portion of our resources during the next few years to acquisitions. We are looking for some key relationships to assist us in this endeavor. New Providence Capital’s principals have substantial histories in dealing with troubled assets and/or markets. Mark Pitzer has a background based in property acquisitions that dates back to the acquisition of over 4,000 apartment units and over 1M square feet of office property in the Dallas/Ft. Worth area during the last major downturn in the US real estate market. Michael Slaughter has a background in land acquisition and urban infill development, overseeing asset management and serving on the investment committee for a $200M+ portfolio of assets, and performing acquisition due diligence, construction management, and asset disposition services.
New Providence Capital is looking at purchasing both REO properties and Non-Performing Loans from banks and other financial institutions.
The United States is experiencing an economic correction that may be unparalleled in history. It is the perfect storm of economic collapse and in times of crisis comes great opportunity. New Providence Capital is positioning itself to take advantage of the current market collapse. This will be a time where new fortunes are made in the real estate world.
During the last real estate bust in the late 80’s, Mr. Pitzer led an acquisition strategy and acquired over $100M is real estate assets during a time where little financing was available. Having purchased real estate from banks and the RTC and other financial institutions, Mr. Pitzer and New Providence Capital are focused on the source of product for the next wave of real estate acquisitions, the financial institutions.
New Providence Capital’s strategy is to buy REO or Non-Performing Notes at a discount to replacement cost and be able to turn those assets into cash flowing properties by leasing them until the market recovers. The combination of experience NPC’s principals have on the REO and the loan side, in obth acquisition and asset management uniquely position NPC to capitalize on the current real estate market conditions.