The Real Deal Miami

Ross angling for bank investment, insiders say

February 12, 2010 01:04PM

Related Companies honcho Stephen Ross has accumulated more than $1 billion in capital to start buying up banks, according to the Post. Ross has put the cash into investment vehicle known as the “SJB Escrow Corp,” insiders say, although it’s not yet clear when he’ll officially unveil his plans. The Related exec will reportedly target those banks heavily laden with construction loans and other bad debt. His investment plan has already gotten the thumb’s up from the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp, according to the Post. Under the program, Ross will reportedly be able to buy deposits, distressed properties, and defaulted mortgages.