Monday, August 9, 2010

ST Residential Launches in Atlanta

ATLANTA, GA (Aug. 9, 2010) – ST Residential, a world class asset management company consortium led by Greenwich, CT-based Starwood Capital Group (NYSE: STWD) and private-equity firm TPG of Fort Worth, TX, along with WLR LeFrak and Perry Capital, selected Atlanta to kick off a nationwide rollout of its real estate portfolio.

ST brings a combination of financial stability with the highest standards of design aesthetic, quality and proven brand building capabilities.

“ST will bring peace of mind to prospective buyers that their purchase will be a sound long-term investment and to real estate brokers who will have the confidence that transactions will successfully close.” says CEO Wade Hundley, who leads the company with 20 years of experience in various aspects of the real estate and hospitality businesses.

ST was formed after the Chicago-based Corus Bank failed on September 11, 2009.

The Federal Deposit Insurance Corporation (FDIC) was named the receiver and thus the asset owner of numerous residential real estate assets and construction loans.

 In Atlanta that included six signature condominium communities: The Atlantic, the finest homes in Atlantic Station; The Brookwood, high-end homes in South Buckhead; Luxe, the boutique-style Midtown condominium tower; Serrano, the Sandy Springs community with Atlanta at its doorstep; One River Place, active living on the Chattahoochee River; and Horizon at Wildwood, high rise living in Wildwood.

The FDIC needed a financially stable, real estate savvy partner to maximize the value of the real estate portfolio by infusing critical financial capital and knowledge, to market and sell the properties to individual home owners.

Instead of choosing a third-party company to manage the properties and sell them quickly, the FDIC chose a more thoughtful and, ultimately, profitable solution. Enter ST, which out-competed seven rivals to win Corus Bank's $4.5 billion real estate loan portfolio with a combined bid of $554 million for 40% of the equity. The FDIC is providing financing and initially owns a 60% equity stake in the ST partnership.

Each of the Atlanta residences boasts an unmatched level of design, detail, amenities and services. ST is infusing significant capital into many of the properties in order to further enhance their appeal to residents. The company is focusing on building a lifestyle brand to provide a better experience for all of its homeowners.

Contact:  Liz Lapidus Public Relations, Liz Lapidus/Traci Buch, 404-688-1466

1 comment:

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