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Related, Lubert-Adler JV on $1B Multifamily Boost

MIAMI-The companies plan to acquire mortgages and multifamily properties in Florida from other developers, lenders and property owners.

By Natalie Keith | Updated on February 13, 2008

MIAMI-The locally based Related Group and Philadelphia-based Lubert-Adler have created a $1-billion investment vehicle aimed at purchasing mortgages and properties solely from other developers, lenders and property owners. Assets will range from finished condominiums to raw land in Florida.

The creation of the investment vehicle will not result in any changes to management or governance of the Related Group. A call to the Related Group seeking additional comment regarding the new venture was not returned before presstime.

“Our unwavering commitment to the Florida market has driven the creation of an investment vehicle to leverage the sluggish market,” says the Related Group chairman and CEO Jorge Perez, in a released statement. “The vehicle strengthens Related’s position by increasing our access to capital and expanding our company’s ability to make larger deals with other developers, lenders and property owners.”

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