South Florida Business Journal - by Oscar Pedro Musibay
Jorge Perez, chief executive officer of condo developer the Related Group, is looking to create a fund to buy distressed units in South Florida's saturated condo market.
Matt Gorson, president Greenberg Traurig which represents Related, confirmed that Perez is considering it.
"The strong and smart developers would be wise to create funds and acquire distressed assets," Gorson said. "The Related Group would be in the mix."
Gorson said the analysis of the possible venture was in the very preliminary stage and he could not comment further or provide details about its potential mechanics.
A source outside the firm said Greenberg is already creating the paperwork and that the funding would come from Latin America.
Related did not return a call seeking comment.
Ron Shuffield, president of brokerage Esslinger Wooten Maxwell, said he hadn't heard about Perez's interest in buying distressed units, but it makes sense.
"If he can purchase parts of a building or whole buildings for less than it would cost to build them, it's a smart move," Shuffield said.
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