Keith B. Rosenthal, New York City-based president of PhoenixRealty Group, tells GlobeSt.com that the investment and developmentfirm plans to proceed slowly on acquisitions initially. "Ourintention is to start out a bit slowly, for the near term of two tothree months, because we believe that the buy opportunities will bestronger some months from now than they are now," Rosenthal says.After that, he says, PRG will most likely adopt "a stronger buyingposture for the balance of the year."

About 80% of the funds that Phoenix raises typically go towardwork force housing, with the remaining 20% financing othercomponents of mixed-use projects that the company acquires,develops and redevelops. The firm leans toward community-servingretail, office and medical office as the other elements of itsmixed-use projects.

Phoenix raised these latest funds during a period of gradualdecline in the housing market nationally as well as the capitalmarkets turmoil of the past half year, but Rosenthal says that thechanging market conditions actually worked in favor of the firm'sefforts to raise capital.