Got the Money … where are the Deals?
What happens we you raise Billions to snap up distressed Commercial Real Estate Assets and no one is selling? I guess you twiddle your thumbs and chomp at the bit.
The Real Deal is reporting Tony James, president of the Blackstone Group (they have $12B ready to spend on Real Estate) as saying …
“We’re just beginning what will be the best period in decades for private investing,”
And yet deal volumes remain at all time lows because banks continue to hold troubled loans on their books, hoping conditions will improve.
There does appear to be movement amongst smaller banks and smaller deals however. Ofer Cohen of TerraCRG says,
“Smaller or local banks are more proactive about either unloading bad debt or taking over the deeds on distressed notes and disposing [of] them.”
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