PE-Backed Asset Management Concern Launches National Roll Out In Atlanta

ST Residential is kicking off the nationwide rollout of its real estate portfolio in Atlanta, Ga. The company was formed after Corus Bank failed on September 2009. ST Residential is an asset management company is led by a consortium led by Starwood Capital Group, TPG, WLR LeFrak and Perry Capital.

 

PRESS RELEASE

 

ST Residential, a world class asset management company consortium led by

Greenwich, CT-based Starwood Capital Group (NYSE: STWD) and

private-equity firm TPG of Fort Worth, TX, along with WLR LeFrak and

Perry Capital, selected Atlanta to kick off a nationwide rollout of its

real estate portfolio. ST brings a combination of financial stability

with the highest standards of design aesthetic, quality and proven brand

building capabilities.

 

    “ST will bring peace of mind to prospective buyers that their purchase

will be a sound long-term investment and to real estate brokers who will

have the confidence that transactions will successfully close,” says CEO

Wade Hundley, who leads the company with 20 years of real estate and

hospitality experience.

 

    ST was formed after the Chicago-based Corus Bank failed on September 11,

2009. The Federal Deposit Insurance Corporation (FDIC) was named the

receiver and thus the asset owner of numerous residential real estate

assets and construction loans. In Atlanta that included six signature

condominium communities: The Atlantic, the finest homes in Atlantic

Station; The Brookwood, high-end homes in South Buckhead; Luxe, the

boutique-style Midtown condominium tower; Serrano, the Sandy Springs

community with Atlanta at its doorstep; One River Place, active living on

the Chattahoochee River; and Horizon at Wildwood, high rise living in

Wildwood.

 

    The FDIC needed a financially stable, real estate savvy partner to

maximize the value of the real estate portfolio by infusing critical

financial capital and knowledge, to market and sell the properties to

individual home owners. Instead of choosing a third-party company to

manage the properties and sell them quickly, the FDIC chose a more

thoughtful and, ultimately, profitable solution.

 

    About ST Residential

 ST Residential leads a public-private partnership

between the FDIC and a consortium of esteemed private-equity investors

that manages Corus Bank N.A.’s nationwide condominium-construction

project portfolio. Other members of the consortium include Starwood

Capital, TPG, Perry Capital and WLR LeFrak. By managing its portfolio

with an unmatched level of detail and tailoring projects to the

communities they serve, the company strives to be the standard bearer for

luxury condominium projects. For more information, visit

www.stresidential.com.