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New York

REITs a popular option in down market


Kent Swig

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Turns out Kent Swig isn’t the only one looking to form a real estate investment trust in the financial downturn. With more banks unlikely to hand over cash, high-profile companies like Forest City Ratner Companies and American Realty Capital Trust, are launching REITs, according to Investment News. And they’re not just looking for chump change either — American Realty New York Capital Trust’s new REIT, American Realty New York REIT, is angling to raise as much as $1.5 billion for distressed property purchases. Of course, launching a REIT to ease credit woes isn’t easy-breezy — Swig, for one, will have to get all his lenders and creditors on board before he can move forward with the plan.

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