The Bainbridge Cos. is seeking acquisitions for its newly formed distressed properties group.
The group is focusing on debt-laden and foreclosed office, mixed-use and multifamily properties from owners and lenders. The group plans to use its own capital and doesn't have a set amount earmarked for the strategy. "We are internally capable of executing on financing these deals and we do see a fair amount of seller financing that's going to be available," Rick Giles, Managing Director added. It is working on $350 million to $400 million of deals.
The group sees particular opportunity in the multifamily sector, where it is seeking properties of 100 to 400 units in East Coast cities.
Source: Real Estate Finance & Investment
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