Deer Park Bets on Real Estate, Expecting Fed to Cut Rates in ‘24 [BNN Bloomberg (Canada)]
Blackstone Inc. (BX)
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Source: BNN Bloomberg
The Steamboat Springs, Colorado-based money manager, known for its wildly lucrative wagers on deeply discounted mortgage- and asset-backed securities in the wake of the 2008 financial crisis, has raised $170 million for its debut mortgage opportunity fund, the firm's Chief Investment Officer Scott Burg said in an interview. The fund will aim to capitalize on trades in legacy residential mortgage-backed securities with loans that were created in 2007 and earlier. “There's a significant amount of equity in these homes, so the risk in these assets is minimized versus the potential returns growth, particularly in a declining rate environment,” Burg said. Expected to close with around $200 million of commitments in early July, the fund offers a 12% hurdle rate with a three-year lock-in, Burg said. “We see investors moving quickly to take advantage of the opportunities and dislocation in real estate,” he said, adding that buying up legacy mortgages on the cheap is “low hanging fruit.
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