Petra REIT files for Chapter 11

Petra Fund Real Estate Investment Trust and Petra Offshore Fund, subsidiaries of hedge funder Andy Stone’s Petra Capital Management, filed for Chapter 11 protection yesterday in Manhattan U.S. Bankruptcy Court, according to Crain’s. In the filing, the REIT listed assets between $1 million and $10 million and claimed liabilities between $100 million and $500 million. The REIT’s investments were largely concentrated in commercial loans, sources say, which likely degraded in value leading to overall malaise at the company. [Crain’s]