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CHICAGO-Locally-based Golub & Co. and Boston-based Alcion Ventures have launched a $100 million joint venture. The JV plans to focus its attentions on the distressed market.

The companies have been working together for years. “Alcion has a history of creating value with its partners, applying its thesis driven value creation approach, with unique and durable assets, in major North American cities,” says Mark Potter, a co-founder of Alcion. “Our 15-year relationship with Golub & Co. provides the foundation for this program to capitalize on what we expect will be some compelling opportunities.”

The JV is not planning to focus on a specific property type, instead pursuing both commercial and residential opportunities across the country. Golub’s 50-year experience dealing with property management and development gives the JV a unique market advantage, according to Michael Newman, president and CEO.

The company hopes to maximize value and mitigate risk. “It’s the property, not the paper,” Newman says. “A well positioned and operated asset, in the end, is necessary to outperform the market.”

The timing of this JV fits with what Martin Zieff, co-founder of Alcion, believes to be an approaching trough in the market. “We expect the market to eventually begin to trough so as to allow us to make informed decisions. Once that condition exists this relationship will afford us a unique platform upon which to take advantage of attractively priced risk,” he says.

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