Miami Realtor to the Rescue - Meanwhile plans to invest 200 million dollars in Cartagena

This is interesting for those who follow real estate news.

Jorge Perez, one the largest developers in South Florida plans to "rescue" many investors who are stuck in money losing deals in Miami with a 1 billion dollar Fund, also, read about the slump in Miami's real estate market.

http://miamishortsales.blogspot.com/

Meanwhile, the same developer plans to invest 200 million dollars in a real estate project in Cartagena: a 300 room hotel, 200 condominiums, casino, Mall and convention center.He also plans to build a luxury resort not far from the city. (Article in spanish).

http://www.eltiempo.com/economia/2008-01-22/ARTICULO-WEB-NOTA_INTERIOR...

By RealEstateCOL on Jan 24, 2008, 09:53 in Renting, selling & meetups.

slguy says on Jan 24, 2008, 09:58:

I did a lot of work for Jorge post-Andrew. back then, he was primarily a rental apartment guy. In fact, I once took him a condo deal- which he promptly dismissed with "too many lawsuits involved in condo deals". jajajajaja

One of the shrewdest operators I ever knew, despite his dismissal of condos at the time.

Incidentally, the past two years he's been on top of the latin "richest latinos in the US" list.

Before you throw me out, make sure I pay my bar tab

tejasmarcos says on Jan 24, 2008, 13:54:

good find, rec. that is exactly how you go after distressed property, with a fund. i am curious to know how he organized the fund. if it is all private or there are institutional investors as well?

god is in your head

slguy says on Jan 24, 2008, 14:27:

He has one unnamed partner. His fund is $1 billion. Wouldn't surprise me if his partner is Steve Ross- Related Companies, NYC. Mere speculation on my part. But Jorge's Related Group of Florida is completely private - he has Steve Ross as a minority partner, from the early days.

When I was dealing with Jorge,. he was still signing personally, with recourse, on almost all his deals. Even his merchant builder deals, which were numerous. I'm sure that's changed - but I know the banks adore him.

Before you throw me out, make sure I pay my bar tab

slguy says on Jan 24, 2008, 14:30:

marco- did you get my PM?

Before you throw me out, make sure I pay my bar tab

slguy says on Jan 24, 2008, 14:33:

As usual, i was wrong. ;) "Wall Street" partner.

http://www.miamiherald.com/top_stories/story/391295.html

Before you throw me out, make sure I pay my bar tab

tejasmarcos says on Jan 24, 2008, 15:45:

slguy - just replied to your email. very interesting indeed. let's continue chatting.......

* i am cuious to find out who the "unnamed" partner turns out to be. maybe it's another sovereign nation fund! let's track this story - i'm curious......

* a billion is nothing to sneeze at, but the 2-5 year non-performing hold period is not normally something a bank would (especially now) get involved with. it would not suprise me to see "the donald" somehow connected to this deal.

god is in your head