ACRES COMMERCIAL REALTY CORP. Resource Capital Corp. (‘RSO'), announced that Resource America Inc. has agreed to be acquired by C-III Capital Partners LLC (‘C-III'). As part of the transaction, RSO's core commercial real estate team will remain in place.
Upon closing of the acquisition of RSO's external manager, Jonathan Z. Cohen and Edward E. Cohen will resign from RSO's board of directors, which will appoint Andrew L. Farkas and Jeffrey P. Cohen, Executive Managing Director of C-III, as their replacements. At closing, it is also anticipated that Robert C. Lieber, Executive Managing Director of C-III, will succeed Jonathan Cohen as Chief Executive Officer of RSO.
