Real Estate Finance & Investment
March 22, 2010

…Phoenix Realty Group is planning to spend $375 million on apartment acquisitions in New York and Los Angeles and has hired Edward Ratinoff from JER Partners to oversee its acquisitions. Phoenix will finance the acquisitions with capital from two existing investment funds and will line up debt via Fannie Mae and Freddie Mac…

…Phoenix focuses on urban properties, with an emphasis on apartment and mixed-use assets. “We often hear about distressed properties. But what we see is that the properties are most of the time in excellent shape—it’s just the owners who are in a distressed state, either because they are having trouble meeting debt service, have a problem with the debt maturity or just can’t finish construction,” said Xavier Gutierrez, managing director…