The Real Deal Miami

Mortgage fund planned by Tate

April 28, 2009 11:59AM

North Miami developer Stanley Tate will start deploying $1 billion in investment funds with financing from President Barack Obama’s rescue plan. He plans to buy loans from the Public-Private Investment Program, launched last month by the Treasury Department, which will offer backing for those investments. Tate set up the AmeriBid Opportunity Fund I LLC in May to raise $250 million to acquire residential and commercial real estate and mortgages, according to a Securities and Exchange Commission filing. Tate was a key figure in the Resolution Trust Corporation, which helped solve the savings and loan debacle of the late 1980s.