Gaia, Starwood Invest $22.5M In Multifamily Portfolio

Law360, New York (May 14, 2012, 7:58 PM EDT) -- Real estate investment manager Gaia Real Estate Holdings LLC announced Monday that it has teamed up with an affiliate of private equity firm Starwood Capital Group to invest $22.5 million in a 9,500-unit multifamily portfolio from bankrupt competitor PJ Finance Co. LLC.

In connection with the agreement, Gaia and Starwood's loan will be used to help restructure, recapitalize and stabilize the PJ Finance portfolio. The new equity, to be used primarily for deferred maintenance, capital improvements and renovation work, is expected to earn a 16 percent preferred...
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