Looking to buy distressed real estate/loans

[rammstein]

I figured why not see if anyone in the Pelican world is connected to this business.

I work as an analyst for a very large aquisitions fund. We began in the business of buying up broken condominium deals and loans backed by those, mainly in South Florida. We've recently broadened our horizons to include other asset types (retail, industrial, office). Although it is not my primary job to drum up business, its been made clear that I would be a more valuable asset to the company if I was talking it up with developers and banks on my own.

If anyone here works for a bank or developer or has any contacts, I'd be happy to speak offline about these.

The basics on us: I work for the Related Group. My office is based out of Miami. Our main equity partner is Lubert Adler. The stated goal of our fund is to put out ~$1billion over the next 2 years.

What we are looking for: Real Estate or Loans backed by real estate. Performing assets and loans generally won't make the cut for us, because we can't get a big enough return on these. We really look for deals with a lot of hair on them. We can buy up defaulted loans and handle the foreclosure process ourselves; we can buy up fractured condominium projects with unhealthy associations or projects in need of significant capital improvements. If a lender is willing to hold paper, that sweetens the deal significantly and we can pay more. The capital markets have truly been the biggest bottleneck for us, and having seller financing gives us the ability to pay a bit more and close quickly. As far as deal size goes, generally speaking under $5MM isn't really going to get any attention from the higher-ups here, particularly out of state. We don't do any single-family type deals, unless we're talking about an entire subdivision.

Please let me know if you've got any information or contacts.

Phew- enough about business. Lets get back to cars, chicks, and dirty politicians.

Thanks guys.

[911Freak]

You have a PM

[Eric Coffey]

You've got another PM.