See full article in NY Times: "Barry Sternlicht, the Real Estate Bargain Hunter"
Sunday, May 30, 2010
Buy in the Bust?
"Mr. Sternlicht hopes to foreclose on many of Corus’s errant borrowers, restyle their buildings and sell units for a significant profit once the real estate market recovers. He says he and his investors can afford to wait until then because the F.D.I.C. has provided them with $1.4 billion in zero-coupon financing and an additional $1 billion in low-cost loans that can be used to complete unfinished projects."