(Read more on the debt and equity markets.)

IRVINE, CA-Scala Real Estate Partners has launched a $200-million investment program designed to acquire, develop and recapitalize residential and mixed-use projects in California. L.M. Cummings, who is co-managing partner of the firm along with Frank Zaccanelli, tells GlobeSt.com that the program reflects the locally based firm's belief that housing demand will remain strong in California over the long term and that current conditions present a window of opportunity for programs like Scala's.

With the liquidity issues that many if not most builders are facing, “we're expecting that they will be amenable to working with new, fresh capital,” Cummings says. Scala Real Estate Partners will manage the program, in which it will be a co-investor along with Lehman Brothers Private Equity and the Oxford Properties Group. Oxford is the global real estate platform for the Ontario Municipal Employees Retirement System, one of the largest pension plans in Canada.

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