In a prepared statement, Immo president Michael Browarnik says the partnership will satisfy the needs of both companies since Ackman-Ziff wanted to break into the Florida market while Immo wanted a partnership with a reputable New York firm.
"We anticipate creating a very important dominant force in Florida to provide all forms of capital for real estate," Browarnik tells GlobeSt.com.
Last year, Ackman-Ziff logged $1.3 billion in real estate transactions while Immo did $250 million.
Immo is completing an estimated $410 million in real estate deals, including a $130 capital restructuring for Royale Resorts in Palm Beach, FL, and a $125 million financing for the St. Regis Hotel in Fort Lauderdale, FL, according to Immo's statement.
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