(Crystal Proenza is associate editor of RealEstate Florida.)

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MIAMI-Adding to a growing number of similar announcements,locally based Park Capital Group LLC says it intends to invest $1billion in business and real estate developments by next September,with plans to finance $200 million in projects around the globethis month. Up to two thirds of the private equity group'sinvestments are big development projects, says Vincent Bui, aspokesman for the real estate lending arm of Park Capital.

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The names of the projects already financed have not yet beenreleased, but there is one located in Ohio and one in Florida. Thecompany says the fund is "wide open" and is not specifying anyparticular type of targeted property on the commercial end,promising to look at every individual deal separately.

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The money used for the financing comes from private equity, saysBui, which is leveraged to acquire the amount needed for the fund."We utilize our numerous overseas banking relationships to grow ourfunding base," said Park Capital's founder and CEO MatthewKleinsmith in a release.

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"This country was built by entrepreneurs, and our banks have allbut turned their backs on these same people in their time of need.Park Capital Group will strive to achieve its goal of a $1 billioncapital infusion into our economy," added Kleinsmith, who declinedto answer additional questions about the company's investmentplans.

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A reluctance to reveal financial details has been a trend withmany of the plethora of recently formed funds, especially inFlorida, says Jack McCabe, CEO of McCabe Research & ConsultingLLC in Deerfield Beach. Usually when lenders have their backsagainst the wall and have to move assets quickly, they turn to thistype of opportunistic investor, he says.

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"I think most people would say the funds that have cash and canconsummate a transaction within 30 days non contingent on financingare really the key players that will make the majority ofacquisitions in the future," says McCabe, one of several speakersscheduled at RealShare South Florida on Sept. 17 in Miami. Those that arereliant on financing and financial approvals may find it verydifficult to compete with the cash buyers, he says.

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When asked about the success of such funds, McCabe says thereare many that literally have billions of dollars that can makequick transactions, and some of those deals are starting to bemade. But then there are other wanna-be players that are relying onthird party financing or funds that will find it hard to compete,he says.

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"I've been contacted by numerous funds, some that turned out tobe real and others that turned out to be more 'pie in the sky,'" hesays. "The truth is many of the American funds that are looking todo 22% to 25% annual returns may not see many of thoseopportunities."

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