GlobeSt.com: What led you to conclude that theseroutes are the optimal strategy for North River at this point inthe market?

Kaye: We started closed on the fund in April andopened our doors in May. Since then we have taken quick survey ofwhat is on offer from financial institutions for purchase andconcluded that, for a fund like us, a lot of notes and mortgagesare still expensive relative to the underlying economic value ofthe debt on the property.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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