Citigroup to Invest in Distressed Multifamily, American Banking S


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Citigroup to Invest in Distressed Multifamily, American Banking Says

Posted July 29, 2010 12:47PM PST

A joint venture between Citigroup and L+ M Development Partners plans to invest $100 million in affordable housing projects in New York City, according to American Banking & Market News.

L+M CEO Ron Moelis said the distressed asset fund will target 15 to 20 multifamily properties for acquisition, zeroing in on properties in danger of foreclosure. The fund will use lower leverage and expects returns in the high single-digit to low double-digit range, he said. Citigroup will contribute $95 million to the fund with L+M adding $5 million.

Source: New Story

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