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FBR, Former Mayor Form Investment Company

ARLINGTON, VA-The new firm plans to focus on sale-leaseback transactions with government and nonprofit agencies.

By Erika Morphy | Updated on January 24, 2007

ARLINGTON, VA-Friedman, Billings, Ramsey Group Inc. and former Washington, DC Mayor Anthony Williams have formed a company that will buy and lease back government and nonprofit real estate. Called Public Properties Realty Investment Trust Inc., the locally based firm will initially be a wholly owned subsidiary of FBR, funded on an as needed basis, a spokeswoman tells GlobeSt.com.

PPT will partner with cities, municipalities and states to provide alternative funding to projects that would be otherwise unfunded, she says, by investing in properties or loans secured by properties. Because these investments are sale-leaseback transactions, the properties will be managed by the tenants.

Investment decisions will be made on a case-by-case basis, she says, but generally sellers will have long-term leases with multiple renewals and repurchase options.

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