Breaking News

Ayres Advisors, LLC is pleased to announce the successful closing of Gruss Ayres Opportunity Fund, L.P., a $50 million venture formed in 2008 to purchase loans and REO from Central Pacific Bank. Ayres is currently implementing its asset-specific business plans to maximize investment returns to the partnership.

Recent News

Ayres Advisors, LLC has liquidated the RZR-XVII loan, generating over $4.7 million in proceeds to Gruss Ayres Opportunity Fund, L.P. Ayres initially restructured the note, accepting net proceeds from the sale of 14 completed homes in Sanger, California. Ayres then sold the note for cash.

Ayres Advisors, LLC has monetized the 630 Olive loan, resulting in $8.8 million in proceeds to Gruss Ayres Opportunity Fund, L.P. Ayres restructured the note to accept net proceeds from the sale of 27 completed condominiums in Burbank, California. The last unit was sold in August 2009.

Ayres Advisors, LLC has restructured the Toluca Lake Terrace loan, generating $7.5 million in proceeds to Gruss Ayres Opportunity Fund, L.P. Ayres restructured the note to accept net proceeds from the sale of 18 condominium units in North Hollywood, California. The last unit closed in October 2009.

Ayres Advisors, LLC completed the foreclosure of 31 mostly-completed homes and 37 residential lots in Imperial, California, in January 2009, on behalf of Gruss Ayres Opportunity Fund, L.P. Ayres subsequently completed 14 of these homes and sold them to homebuyers, generating nearly $2.3 million in gross proceeds.

Ayres Advisors, LLC successfully restructured the Arbor Lane note, generating over $2.0 million to Gruss Ayres Opportunity Fund. Ayres oversaw the foreclosure of 56 finished residential lots, which it plans to hold for future development and sale.

Ayres Advisors, LLC completed the foreclosure of the Tuscany loans, which included 14 mostly-completed homes (including two models) and 91 residential lots at Tuscany in Sanger, California. Ayres has finished the homes and marketed them for sale. Ten homes closed in the fourth quarter of 2009, generating nearly $1.6 million to Gruss Ayres Opportunity Fund.

Ayres Advisors, LLC completed the purchase of 102 finished residential lots at Tuscany in Sanger, California from the Federal Deposit Insurance Corporation (FDIC). Gruss Ayres Opportunity Fund, L.P. now owns all the residential lots in the project, which it will hold for future development and sale.

Ayres Advisors, LLC foreclosed on the Valleyheart property in Studio City, California on behalf of Gruss Ayres Opportunity Fund, L.P. It has overseen the completion of the 18-unit condominium project and is now marketing condominium units for sale. Fourteen of the units are in escrow and due to close by June 2010, generating over $8.0 million in proceeds to the partnership.