Clifford Companies launches new property investment fund.Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and Mann, chairman of the Clifford Companies, announced that the company is initiating its second fund in the past eight months to purchase distressed real estate assets in the Northeast. Focusing on non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. and distressed property from over-extended developers and troubled financial institutions, the fund will acquire retail and residential properties, including semi-completed condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. projects and improved land. The objective, says Mann, is to purchase assets in the $1 million to $5 million range from sellers, subject to special financial or regulatory pressures. He says they intend to acquire projects that offer a realistic 12- to 24-month exit strategy and that are of a size that does not attract the attention of the larger "vulture funds Vulture Fund A fund that buys securities in distressed investments, such as high-yield bonds in or near default, or equities that are in or near bankruptcy. Notes: ". The minimum investment in the new fund, which is geared to institutions and high net worth individuals, is $1 million. |
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