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Duo Targets Sour Multi-Family Loans

Source: Real Estate Alert ( November 3, 2010 A joint venture that has $250 million of equity to invest in nonperforming multi-family loans has made its first acquisition. The partnership, managed by Bridge Partners of Walnut Creek, Calif., recently acquired a $13 million defaulted loan on a Pensacola, Fla., apartment complex from a bank for about $10 million. It is now moving to foreclose on the 184-unit complex, which is 95% occupied. The partnership was set up early this year. An unidentified... Continue Reading >>