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Firms See Opportunity in Distressed Debt Market.
LOS ANGELES -- Dalton Investments, an SEC-registered investment manager for institutional and private clients, is offering a new distressed mortgage strategy that will buy defaulted loans from mortgage servicing companies at significant discounts and restructure them, providing affordable monthly payments for homeowners and a residential mortgage and real estate investment vehicle for Dalton's clients.
The new strategy is a joint venture with Beach Front Property Management of Long Beach, Calif. Steven Persky, co-founder and CEO of Dalton Investments, and Kyle Kazan, president of Beach Front Property Management, will manage the venture. Beach Front Property Management currently manages more than 2,000 single-family homes and apartment units in California.
"This new strategy will combine Dalton's expertise in distressed debt and Beach Front Property Management's experience in buying and restructuring troubled real estate assets," Mr. Persky said in a news release. "The subprime market is just beginning to unwind and we expect defaults and foreclosures to skyrocket over the next six to 12 months."
Mr. Kazan said the strategy will build ...
- Dalton Investments Launches Distressed Mortgage Strategy.
- Press release article from: PR Newswire October 2, 2007 700+ words
...Joint Venture with Beach Front Property Management LOS ANGELES, Oct. 2...joint venture with Beach Front Property Management, Inc. of Long Beach...Kazan, president of Beach Front Property Management (BFPM). BFPM, founded...
- Firms See Opportunity in Distressed Debt Market.
- News wire article from: Mortgage Line Cornwell, Ted January 10, 2008 700+ words
...is a joint venture with Beach Front Property Management of Long Beach, Calif. Steven...Kyle Kazan, president of Beach Front Property Management, will manage the venture. Beach Front Property Management currently manages more than...
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