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Clifford Companies launches new property investment fund.

Stephen 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 and distressed property from over-extended developers and troubled financial institutions, the fund will acquire retail and residential properties, including semi-completed condominium 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". The minimum investment in the new fund, which is geared to institutions and high net worth individuals, is $1 million.
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Publication:Real Estate Weekly
Date:Mar 17, 1993
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