search

The Real Deal Logo

Trending

H-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomTony Park and Elad Dror take a gamble on Koreatown office-to-resi conversionTony Park and Elad Dror take a gamble on Koreatown office-to-resi conversionEvictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and ManorEvictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and ManorLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a
South Florida

Credit squeeze could ground vulture funds

Sign Up for the undefined Newsletter

The absence of a compromise financial bailout plan from Congress may make it hard for investment funds — long seen as a potential jump-start player in the region’s depressed real estate market — to buy distressed properties. Peter Zalewski, a partner with Condo Vultures, a Bal Harbour firm trying to buy unsold condos at a discount, said the proposed bailout would bolster banks as they try to survive the national credit crunch and mortgage repayment slump. Peter Wells, a partner in Condo Capital Solutions, a Denver fund shopping for bulk real-estate deals in South Florida, said he had hoped the $700 billion bailout plan would pass because it would make it easier for funds like his to borrow money and buy more real estate, and it would boost demand for real estate itself.