National Commercial Real Estate News From CoStar Group
Sternlicht Cashing Out on Corus Bank Failure
ST Residential, an investment group led by Barry Sternlicht's Starwood Capital, is planning to cash out a portion of a huge condo portfolio it acquired from the FDIC after the feds took over the $7 billion Chicago-based Corus Bank, which failed in the fall of 2009.
ST Residential, whose other partners include TPG Capital, Perry Capital and WLR LeFrak, is shopping 13 multifamily properties to prospective buyers. All of the properties are former...