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The Debt Gamble

New debt is becoming available and some capital sources are returning to the market. But it's too soon to tell whether these are signs of improvement or momentary blips in the downturn By Erika Morphy

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www.GlobeSt.com/Forum GLOBEST.TV National Apartment Association's Doug Culkin Shares His Thoughts on the National Multifamily Sector GlobeSt.com editor Ian Ritter catches up with the NAA president at RealShare Apartments 2009.
http://www.globest.tv/doug-culkin-of-national-apartment-association Thompson National Properties' Tony Thompson Gives His Take on the Retail Market Tony Thompson of Thomp

RealShare EVENTS

November 12 & 13 RealShare Medical Office Buildings & Golf Outing Four Seasons Resort & Club Dallas at Las Colinas RealShareConferences.com/MOB November 18 RealShare Central Florida Rosen Plaza Hotel RealShareConferences.com/CentralFlorida November 19 RealShare Houston JW Marriott Hotel Houston RealShareConferences.com/Houston December 1 RealShare Northern Virginia Hilton McLean Tysons Corner Real

GlobeSt.com Webinars

November 10 Real Estate in Recovery: What Can Be Done to Prepare for a Turnaround Presented by Schulte Roth & Zabel

Available On-Demand

Available until January 13, 2010 Hotel P&L Scorecard-How to Up Revenues In Down Times Available until January 20, 2010 Catastrophic Events: Asset Protection Is Not an Act of Nature Presented by Zurich For updates and the complete 2009 schedule, visit: GlobeSt.com/webinars

Editor's Page Trick, or Treat?

Sule Aygoren Carranza THERE'S ANECDOTAL EVIDENCE THAT THINGS ARE STARTING TO get better. Despite all the bank failures, there is still debt available for the "right" deals--meaning, well-leased, performing properties. And it's not just from Fannie Mae or Freddie Mac--traditional financing sources have opened up their coffers to qualified borrowers. I even heard of a developer or two being able to

Z blin Focuses on Sustainable Office

Swiss listed group Z blin Immobilien Holding, which owns a majority stake in a French SIIC/REIT and an unlisted German subsidiary, has shifted its focus toward a portfolio of sustainable offices and cutting back non-core assets, says the group's chief executive officer, Bruno Schefer.

Schefer relates that Z blin, whose origins reach back to the German tycoon who also founded a now-separate con

Sales Volume Rising In Asia Pacific Region

While the rest of the world may still be seeing the bottom of the recession, Asia Pacific has seen a 50% increase in investment transactions in from the second quarter 2009 to the end of Q3. It's estimated the region experienced $17.1 billion in investment this quarter alone, according to a new report by the global real estate advisor DTZ.

"We have seen a rapid turnaround in both sentiment and

Cross-Border Investors Spy Attractive Global Opportunities

By Steve Collins THE ECONOMIC MALAISE HAS TAKEN ITS TOLL on real estate and it is no surprise that global transaction volume has plummeted, reaching just $76 billion in the first half of 2009. This is down 68% from the first half of 2008 and 45% from the second half. The Americas region saw the biggest decline, faltering by 77% year-over-year.
Asia Pacific has risen to become the second most-ac

Hoteliers Survive By Their Wits

"It's no secret that the industry is going through tough times," pointed out moderator Maria Wood, editor of GlobeSt.com's hotel page, in setting up a question to experts convened for the latest in GlobeSt.com's webinar series.
Even so, the panelists chose not to dwell on the challenges facing the hospitality sector but instead to dole out a plethora of recommendations for surmounting those obs

Starwood-Led Group Nabs Share In $4.5B Worth of Corus Assets

The Federal Deposit Insurance Corp.
chose a consortium led by Starwood Capital Group to purchase a portion of an LLC holding $4.5 billion of assets previously owned by Corus Bank and seized by the FDIC in September. The group will pay $554 million for a 40% stake in the troubled real estate loans.
The FDIC will own the balance.

The portfolio was valued at $4.5 billion and contains more t

FAS Changes Could Have Huge Impact

New accounting standards requiring property to be marked to market and proposed changes in lease accounting rules could have an immense impact on the balance sheets, income statements and overall financial outlook of US corporations, many of which are unprepared for the changes, according to a new report from CB Richard Ellis.

The white paper, titled "FAS Talking-Unpacking Real Estate's Impact

Choice Hotels International, said his company is committed to keeping up with where potential customers are. Although Winchester said it's not certain whether the business generated via social media can yet be measured, he added that these websites do build great general awareness.

Panelists had mixed views of the importance of cutting rates to generate traffic.
Winchester said it's an inev

Industry Vet Bestowed Top NAIOP Honors

Recognizing lifetime achievement in the commercial real estate field, the Chicago branch of NAIOP recently named CB Richard Ellis' Jim Dieter the recipient of its Award for Excellence. Dieter, a leading industrial property professional, will be presented the award at the organization's 22nd annual ceremony on Nov. 9.

"Jim is a respected leader with a passion for the business," said Christopher

will be hard-pressed to complete the tasks on time. "The corporate real estate department, if it understands what's going on in the mark-to-market arena, can come in early and start to take a look at its properties and basically create an argument for why it is valuing properties the way it is."

Regarding the proposed changes in lease accounting, Anderson explains that the new rules would re

FIELD-LEVEL ANALYSIS - IPOs Take Aim at Distressed Deals

Capitalizing on the lending void, several new REITs have launched IPOs and are poised to dominate the distressed marketplace With every downturn comes the opportunity to gain market share.
And the investor class poised to do so in the near-term is real estate investment trusts. Though equity REITs were hit hard as the economy started to head south, some have been able to raise substantial capit

INSIGHTFUL FEATURES - Cross-border Buyers Hungry for US Distressed Properties

From Europe to Asia, foreign investors are gearing up to acquire real estate in the West As the industry gears up for more transactions to hit the market over the next six to 12 months, another buyer class is emerging to take advantage of the distressed market. Foreign investors are said to be showing a strong interest in the US, and a few have even pulled the trigger on select deals. Meanwhile, p

EXPERT COLUMNS

From The Servicer: "The final regulations also expand the methodology a servicer can use to determine if a loan meets the 80% test or is secured by property of equal value before and after the [REMIC] modification."

-- John E. D'Amico, Centerline Capital Group From The Financial Advisor: "Some people compare the marketing of distressed assets to putting lipstick on a pig and sending it down Mai

MARKETPLACE - Troubled Assets

Property Name: Trump Plaza Jersey City Location: Jersey City, NJ Units/SF: 444 Equity Lender: Trump Organization JV Metro Homes Lender: iStar Financial Main Type: Apartment Sub Type: Mid/Highrise Troubled Date: 8/1/09 Distressed Status: Lender REO Marketplace offers a comprehensive list of troubled properties and loans provided by partners Real Capital Analytics and Trepp.

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Two recent RealShare conferences attracted more than 1,300 industry professionals. Early this month, a crowed of more than 1,000 gathered in Los Angeles to discuss the multifamily market at RealShare Apartments 2009 (facing page). Among the hot topics of the day y were where the capital will come from to o keep deals moving, whether the market is at or near t

Opposite Page (clockwise, from top): Some 300 professionals attended RealShare Distressed Assets, held last month in Dallas; experts talk about the opportunities that will arise in distressed assets and restructured finance in the opening session; Jillian S. Ambroz, contributing editor to Distressed Assets Investor; CMSA's Patrick Sargent gives an update on TARP, TALF and PPIP in a special address

A Conversation With - Al Cissel and Scott Melnick, Transwestern Institutional Multifamily Group

While transaction activity has been lethargic in most of the investment world, this group is seeing its deal flow for multifamily properties increase. Could this be a sign that a turnaround is near? There's no question the investment sales market has been particularly stagnant over the past several months. Between the lack of financing in the market, the stalemate over pricing between buyers and s

What's your typical deal like today?
Is it different than, say, a year ago?
CISSEL: The one general scenario is that over the past few years, the majority of buyers wanted value-add deals, but today, the reason you're seeing the 10 top buyers all closer in price is partially because there are more buyers out there, but also because they're all looking at it the same way. They're making offer

Reality Check: Industry Is Vital To Development of Economic Policy

By Jeffrey D. DeBoer IN MANY WAYS, THE CENTER OF THE NATION'S financial gravity has shifted from Wall Street to Washington.
And more attention is now focused on the influence of federal economic policies since perhaps the Great Depression. Despite much talk of how the government's massive intervention in the economy has resulted in "green shoots," it's time for a reality check.

Fractured

Social Security Center's $170M Trade Sets Record

By Amy Wolff Sorter

A partnership acquires the 588,000-square-foot property, once owned by Opus South, out of bankruptcy IN WHAT'S SAID TO BE THE LARGEST transaction in Birmingham, AL this year, the partnership of Net Lease Capital Advisors Inc., Rainer Capital Management LLC and private investor Ray Gee bought the 587,528-square-foot Social Security Center, developed and owned by the now-bankrupt Opus South Corp. Th

Insight - Challenges and Opportunities For Real Estate Private Equity Funds

By Scott Farb Challenges and Opportunities For Real Estate Private Equity Funds REAL ESTATE PRIVATE EQUITY FUNDS WITH dry powder are actively positioning themselves to take advantage of opportunities to buy the estimated $2 trillion in distressed assets, non-performing commercial and residential loans and CMBS.

According to Real Capital Analytics, the number of distressed assets has grown exp

How to Make Friends and Capitalize

By Sule Aygoren Carranza

What does an investor do in an illiquid market? Become a source of capital. This past summer, New York City-based real estate investment company Fisher Brothers made a 15.5% investment in Modern Bank, a boutique bank a catering to high net-worth clients. The investment, worth some $15 million, was attention-grabbing not only because of its timing (the capital markets weren't, and still aren't, exa

industrial. I think hotel is an asset class we're very cautious about, though we'd consider it. With construction loans--given our development expertise and ownership of a construction company--we feel comfortable helping underwrite the risks. But at the same time, we're very cautious about those types of loans. LANE: We're W certainly not going into the business with the idea that we're

The Debt Gamble

Ever since Sept 14, 2008--a date whose significance hardly needs to be spelled out--the commercial real estate industry has been desperately seeking signs that lenders were rejoining the game.

Up until recently, it was largely a fruitless exercise; equity and debt markets--especially, debt and, most particularly, CMBS--have been unrelentingly grim and barren. Recent signs of life, though, are

New debt is becoming available and some capital sources are returning to the market. But it's too soon to tell whether these are signs of improvement or momentary blips in the downturn.

loans, "if the pricing is reasonable, take the money and run," he advises.

It seems as though for every development that gives the market hope, there is a countervailing one that chips away at any optimism. (See sidebar, page 32). That said, it is important to remember how far the market has come since the dark days of last September.

One very tangible sign of progress, says Grubb &

THREE REASONS TO HOPE; THREE TO DESPAIR

Extend and Pretend: This approach--so familiar to borrowers and lenders alike that it hardly needs an explanation--is one of the reasons why the number of distressed assets in the market has not been as high as most observers expected, at least, not yet. Lenders, not usually in the business of managing properties or bankrupting clients, have been extending loans for borrowers that are having diffi

Self-preservation and a reluctance to become real estate managers inspire many of these restructurings. A better measure of lenders' willingness to re-engage with borrowers can be gauged from what has now become the Holy Grail, or ultimate achievement of real estate finance: new development or construction finance.

Not surprisingly, the Grubb & Ellis trio is less enthusiastic. "These are still

when Mulligan and his colleagues sensed a thaw in the financing community. By June, they had partnered with Washington, DC-based equity provider Federal Capital Partners. By the end of September, the pair were finally able to snag some construction financing.

Wells Fargo and US Bank provided $52 million in debt toward the $70-million project, while FCP and Matan kicked in $17.5 million in equi

It might have been unusual to see a mezz holder bringing a property to market a few years ago, but not anymore, Seifer says. "Given the dramatic decline in values, mezz lenders are the ones who have the only economic stake in the property."

More Losses Coming for Banks, but Not Life Companies: At the beginning of October, the Wall Street Journal leaked a Federal Reserve Bank internal study that

Equity Places its Bets

There's money in the market for the right deals, but it's both expensive and scarce There are close to 400 real estate funds being marketed by private equity shops currently, according to research firm Preqin.

This fall, New York City-based Somerset Partners joined that group, assuming its unique blend of consulting services and equity would meet the criteria of a private equity fund, as

in Cassidy & Pinkard Colliers' Structured Finance group in Washington, DC.

It's hardly a surprise that equity is being structured and priced much more favorably now to the providers; in some transactions, it is even serving as de-facto debt.
Mezz capital, for example, has traditionally been a second trust in that it gets paid off before a developer's equity, receiving perhaps a 15% to 18% r

Liquidity Created Market's Problems, So Don't Look to It as the Solution

By Christopher N. Macke I RECENTLY RAN ACROSS THE FOLLOWING QUOTE in my local paper, the Chicago Tribune: "In the ruin of all collapsed booms is to be found the work of men who bought property at prices they knew perfectly well were fictitious...because they knew that some still-greater fool could be depended on..." What makes this quote noteworthy is the date--April, 1890. This reminds us that we

The CTL Market Is Back

The CMBS market may be dead in the water and overall lending is still tight, but properties with investment-grade tenants and long-term leases are finding they have access to CTL financing A MAJOR UNIVERSITY NEEDS A BUILDING CONSTRUCTED ON A build-to-suit basis but doesn't want the liability on its own balance sheet. It turns to a developer who buys the land, gathers the university's specs for the

investment-grade tenant, you've got two options." Those are obtaining either a life company loan or bond financing, with the latter willing to extend a higher level of leverage based on the underwriting of the tenancy's credit. The CTL market is "the only form of debt that I've seen in the past two years where you can get what I consider high leverage," i.e. 85%, he adds.

Orchard says the bond

George Smith Partners

It seems that the bond market for corporate credit has recovered faster than the bank system is recovering." $5 billion-plus in 2010. The concerns will be twofold, he says: "One, continued resiliency and improvement in the corporate bond market, to the good, and two, whether we endure a spike in US Treasury yields, which would be to the bad.

In general, the net lease sector is not immu

overall single-tenant property investment sales market is still relatively slow. Many of the properties that are trading involve smaller dollar amounts--easier bites to swallow for both buyer and, if debt is involved, lender, notes Akeman--and those most easily trading are either being purchased with all cash or have assumable debt in place.

Indeed, many of the buyers that Calkain has found it

hit the market as 10-year interest-only loans come up for refinancing. Net-lease deals account for a fair share of those loans, especially in the 2005 to 2006 period, notes Net Lease Capital Advisors' MacDonald. "It really comes out badly if you have IO on a flat lease," he says.

CGA Capital's Gore is keeping an eye on the same thing, noting that cash-flowing properties with solid tenants are

By Danielle Douglas

SOMEWHERE BETWEEN THE RAUCOUS Congressional debates on public options, insurance tax credits and cooperatives, a health care reform bill will be hammered out. And be it a massive overhaul of or a mere tinkering with the existing system, that plan will shape the future of the medical office sector. Extending coverage to even a fraction of the estimated 46 million uninsured Ameri

Is Reform the Cure?

development in medical office buildings remains healthy.

As it stands, the nation shells out more than $2 trillion on healthcare every year, says Marcus & Millichap. That amount is anticipated to surpass $3 trillion by 2013 as baby boomers hit their golden years. The population between the ages of 65 and 74 will grow 24% nationwide and almost 30% in the retiree hubs of the Southeast and Southw

"Depending on how the reimbursement works for hospitals and physicians, there still may be a real challenge on hospitals' balance sheets," says Deeni Taylor, regional executive vice president of BremnerDuke Healthcare in Indianapolis.

Jeffrey H. Cooper, executive managing director at Savills, says physicians and hospitals are currently pressed for capital due in part to the existing reimbursem

More often than not, ancillary healthcare centers are located near or on a hospital campus, depending on whether they are affiliated with the institution. Such a relationship is convenient for physicians and patients, as well as advantageous for leasing. Coupled with location, tenant synergy is crucial in space absorption. The right tenant mix--a diagnostic facility on the same floor as an oncolog

has been some erosion in tenancy. But overall, the assets are 90% occupied. "Our renewal rate is in excess of 90% this year, so we feel we're doing a good job of keeping our tenants," he reports.

BremnerDuke's Taylor concurs that his company has experienced minimal vacancy. "Physicians typically sign longer leases, so that enables you to weather the volatility in the market," he says, adding,

sible for healthcare assets with strong sponsors to obtain loan-to-values at roughly 80%, according Cushman & Wakefield. Now, LTVs for similar properties are about 60% to 70%.

"Secured mortgage debt, which is what we do as a private company, remains very challenging to obtain," says Lillibridge. "Lending in this asset class, even though it's a very stable, well-occupied asset class, is diffic

Credit Ratings Quagmire

By Paul Bubny

After taking some of the blame for the financial collapse, credit ratings agencies are cautiously restructuring Among the many casualties of the implosion of the securitized market is the stature of the ratings agencies. They've gotten plenty of blame--some would say a disproportionate share--for enabling the collapse by giving their blessings to loans that were underpinned by rose-colored assumpt

At present, the only CMBS deals the agencies are rating are legacy loans. Are their downgrades consistent with their existing methodology, or have they swung too far in the other direction?
KOROLOGOS: It's hard to say. There is definitely pressure for them to be a lot more conservative. In this environment, and given the role they've played in the investment process in the past, if they're wron

When Structuring a Green Lease, Terms Are Just One Consideration

By Marc Heisterkamp THE CONCEPT OF GREEN LEASES AND HOW tenants and landlords can protect the financial interests associated with green building has been one of the biggest topics of industry discussion over the past year.
Between BOMA's Green Lease Guide and language produced by RealPac and other entities, the industry now has several good resources to reference in terms of specific lease lang

GRUSKIN ARCHITECTURE + DESIGN, P.C.

294 Morris Avenue Springfield, NJ 07081 P: (973) 376-4411 · F: (973) 376-8989 Email: brobinson@gruskingroup.com Website: www.Gruskingroup.com Key Executives: Kenneth A. Gruskin, AIA, Principal; Joel Shulman, RA, Principal, Architecture Division; D. Brooke Robinson, RA, LEED, AP, Associate Services Provided: Architecture, brand development, visual communications, web/interactive, industrial design,

SEVERUD ASSOCIATES

469 Seventh Avenue New York, NY 10018 P: (212) 986-3700 · F: (212) 687-6467 Email: info@severud.com Website: www.severud.com Key Executives: Edward DePaola, Principal; John Baranello, Jr., Principal; Cawsie Jijina, Principal Services Provided: Severud Associates offers a full range of structural engineering services.
Description: Severud Associates has been providing engineering services to cli

TERRACON CONSULTANTS, INC.

18001 W. 106th Street, Suite 300 Olathe, KS 66061 P: (800) 593-7777 · F: (913) 599-0574 Email: corporate@terracon.com Website: www.terracon.com Key Executives: David Gaboury, P.E., President and CEO; Dennis Whited, P.E., Executive Vice President of Services and Quality; Tom Warn, LEED® AP, Director of Sustainability Services Provided: From the ground up, Terracon provides practical solutions to ge

ALLSTATE CORPORATE SERVICES CORP.

1222 Avenue M, Suite 201 Brooklyn, NY 11230 P: (800) 906-9220 · F: (800) 906-9880 Email: sal@acs123.com Website: www.acs123.com Key Executives: Sal Abecasis, Team Leader; Steven Weiss, Team Leader Services Provided: Formation & Registration of LLC, Corporation, LLP, LP, Registered Agent Service, Amendments, Dissolutions, Withdrawals, DBAs, UCC Filings & Searches Description: Allstate Corporate Ser

KENNEDY FUNDING, INC.

Two University Plaza Hackensack, NJ 07601 P: (800) 342-8500 · F: (201) 342-8373 Email: info@kennedyfunding.com Website: kennedyfunding.com Key Executives: Jeffrey Wolfer, President and Co-CEO; Jonathan Hornik, Executive VP & General Counsel; Jonathan Weiner, Chief Loan Officer Services Provided: Direct Lender Description: Kennedy Funding specializes in fast, creative, short-term bridge loans that

ARAMARK FACILITY SERVICES

1101 Market Street Philadelphia, PA 19107 P: (800) 901-7373 · F: (215) 238-8103 Email: facilityservices@ARAMARK.com Website: www.aramarkfacilities.com Key Executives: Chris Lehmann Chris Lehmann Chris Lehmann, Vice President, Business Development; Michael Boughman, Vice President, Business Development & Marketing Services Provided: ARAMARK has programs in Sustainable Sites, Water Efficiency, Energ

LOUIS DREYFUS PROPERTY GROUP

One Bryant Park, Floor 44 New York, NY 10036 P: (212) 490-2626 · F: (212) 490-1060 Website: www.louisdreyfus.com Key Executives: Jeffrey I. Sussman, President; Rolland Baribeau, Chief Operating Officer; David B. Shepherd, Chief Financial Officer Services Provided: Project development, property ownership, asset management, purchase and repositioning of existing office buildings Description: Louis D

BANK OF AMERICA

100 North Tryon Street Charlotte, NC 28255 Email: commercialrealestate@bankofamerica.com Website: www.bankofamerica.com/commercialre Description: Bank of America provides construction, development financing and comprehensive financial solutions for a broad array of clients including public and private Real Estate Investment Trusts (REITS), funds, as well as commercial and residential development c

CB RICHARD ELLIS

11150 Santa Monica Boulevard, Suite 1600 Los Angeles, CA 90025 Website: www.cbre.com Key Executives: Mike Lafitte, President, The Americas; Dave Pogue, National Director of Sustainability Services Provided: Leasing & sales; property, facilities & project management; debt & equity financing; investment management; valuation & appraisal; investment strategy Description: CB Richard Ellis Group, Inc.

HINES

2800 Post Oak Boulevard Houston, TX 77056 P: (713) 621-8000 · F: (713) 966-7886 Website: www.hines.com Key Executives: Gerald D. Hines, Chairman; Jeffrey C. Hines, President and CEO; C. Hastings Johnson, Executive Vice President and CFO Services Provided: Development, investment, asset management, property management, marketing/leasing, acquisition/disposition services Description: Hines is a priv

RYAN COMPANIES US, INC.

50 South 10th Street, Suite 300 Minneaoplis, MN 55403 P: (612) 492-4000 · F: (612) 492-3000 Website: www.ryancompanies.com Key Executives: Patrick G. Ryan, President/CEO, Timothy M. Gray, Vice Chair, Brian Murray, CFO Services Provided: Development, Architecture & Engineering, Capital Markets, Construction and Real Estate Management Description: Ryan Companies US Inc., a nationally recognized deve

GRUBB & ELLIS

1551 N Tustin Avenue, Suite 200 Santa Ana, CA 92705 P: (714) 667-8252 · F: (312) 207-1822 Email: corporatecommunications@grubb-ellis.com Website: www.grubb-ellis.com Key Executives: Gary Hunt, Director and Interim Chief Executive Officer; Richard W. Pehlke, Executive Vice President and Chief Financial Officer; Jack Van Berkel, Executive Vice President and Chief Operating Officer Services Provided:

COLLIERS TURLEY MARTIN TUCKER

721 Emerson, Suite 300 St. Louis, MO 63141 P: (888) 418-9692 · F: (314) 392-2701 Email: gogreen@ctmt.com Website: www.ctmt.com/about_Sustainability.asp Key Executives: Mark Burkhart, President, Chief Executive Officer; J Glasgow, Senior Vice President, Principal (for Sustainability) Services Provided: Brokerage, Corporate Services, and Investor Services Description: Colliers successfully guides ou

ALLSTATE CORPORATE SERVICES CORP.

INTERNATIONAL BLIND CONTRACTORS, LTD.

200 Park Avenue South New York, NY 10003 P: (212) 473-2000 · F: (212) 353-3400 Email: dklein@intlblind.com Website: www.intlblind.com Key Executives: David J. Klein, President Services Provided: Horizontal blinds, draperies, motorized systems.
Description: Along with a commitment to service, we offer courtesy, civility and professionalism. And those are just a few of the reasons why we continue

HUDSON REALTY CAPITAL Precilla Torres has been named a managing director for the New York City-based middlemarket real estate fund managers. With more than 19 years of experience in the industry, Torres will now oversee Hudson's financial advisory and capital markets activities. She specializes in commercial real estate securitization, large loan execution and structuring, subordinate debt structu

Grubb Brings On Bechtel to Grow Mortgage Brokerage

In an effort to expand its services to include mortgage brokerage, Grubb & Ellis has brought Gary Bechtel on board as a senior vice president. Based in the company's Newport Beach, CA office, he will handle the debt financing and equity needs of clients.

During a career that spans more than two decades, Bechtel has been involved in some $7.5 billion worth of commercial debt transa

After Much Ado, PPIP Gets Under Way

News Wrap After a longer-than-expected ramp-up time, the Treasury Department's plan to deal with toxic assets has closed on five deals. Invesco Ltc, TCW Group, BlackRock, Wellington Management Co.
and AllianceBernstein LP each closed so-called public-private investment funds with $500 million of committed equity capital from private investors.

Firms that are partnering with the fund mana

Banks Growing Bullish On Loan Dispositions

Banks are growing more assertive in man- aging, resolving and selling troubled loans and other real estate they have taken back and held in their own portfolio. So says Michael Cain, managing director of asset sales and advisory for San Diego-based Douglas Wilson Cos., says that some banks "are beginning to aggressively move assets in combination with raising capital to improve their capi

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