Zoe Hughes
The San Francisco-based real estate secondaries firm has appointed former SL Green/Gramercy Capital executive as LPs increasingly look to liquidate some of their real estate positions. The appointment comes as Liquid works with LPs faced with capital calls in excess of their distributions.
The San Mateo, California-based financial group, which manages value-added and opportunistic real estate funds, applies for bank holding status as it seeks a capital infusion from the US government.
Marc Dreier, the founder of New York law firm Dreier, has admitted to key aspects of a plan to sell $113m in fake promissory notes, according to the SEC. He was last week arrested for impersonating an Ontario Teachers' official in a reported attempt to defraud Fortress.
Harmony Development, an affiliate of Starwood Capital, has signed a memorandum of understanding with Florida University to build an energy R&D complex in the green community of Harmony, Florida, one of only 10 official eco-communities in the sunshine state.
Former REIT veterans Robert Solmson and Ed Ansbro have teamed up Georgica Advisors founder Richard Reiss to launch private equity real estate firm, Fairwood Capital. The first fund will target hospitality in US metropolitan areas.
Senior partner Lee Neibart explains the firm’s decision to change its name to AREA Property Partners in an interview with PERE magazine and where its focus will be in the future.
The portfolio of 17 multifamily properties in five US states is a joint venture with JRK Birchmont's parent company, JRK Holdings. REIT AIMCO sold the properties owing to the dislocation in the credit markets, JRK said.
The affiliate of the private equity real estate firm, Starwood Capital, has formed a $75m joint venture with Cold River Development to target the 23-counties of the Atlanta metro region. It comes just two days after the firm bought 2,500 residential home sites in Arizona, California and Florida.
Robert Bertram will step down from the C$108.5bn pension fund at the end of 2008, to be replaced by current senior VP Neil Petroff. Bertram was with the pension for 18 years and led many of Ontario Teachers' early forays into private equity, infrastructure and timber.
The US Treasury Secretary says he is saving the bulk of the $700bn Troubled Asset Relief Programme money for President-elect Barack Obama. He says buying toxic assets would not be the most effective use of taxpayers' money suggesting there ‘simply isn't enough firepower’.