A new joint venture, backed by $1.5 billion, has been created with the goal of purchasing and selling distressed real estate assets on a nationwide basis.
Heritage Capital Resources CEO Richard B. Stewart Jr. and National Real Estate Ventures CEO Peter Monroe teamed on the joint venture, which has formed a strategic alliance with Partners in Actions (PIA), a not-for-profit company that provides financing for affordable housing through various public bond offerings.
Stewart previously served as vice chairman of Lehman Brothers, while Monroe is a former president of the Resolution Trust Corp. Oversight Board and a former chief operating officer of the Federal Housign Administration.Â
"The group's combined experience includes working within the inevitable booms and busts of real estate and capital markets, and within the framework of public and private partnerships," Stewart says. "We intend to apply the principles of best real estate business practices in all markets – including the bust markets that exist today."
In a joint statement, Stewart, Monroe and PIA founder Curis M. Cluff say their combined expertise can "help return foreclosed homes to productive use, prevent many foreclosures and also allow us to work with banks, servicers and federal agencies to reduce evictions."
SOURCE: Heritage Capital Resources