Michael Bailey, an Edwardsville, Illinois-based private equity manager, has raised $25 million for a limited liability company called FREP Debt I, according to documents filed with the Securities and Exchange Commission. The money came from a single, undisclosed investor. The funds, Bailey said, will be used to buy commercial mortgage backed securities (CMBS) tied to multifamily housing development commercial loans. “(CMBS) are somewhat out of favor right now, but we see it getting back into favor
Michael Bailey’s Fireside Financial, a private equity firm based in Edwardsville, has launched a third real estate investment fund. And already, $75 million of the planned $500 million fund has been raised, according to documents filed with the Securities and Exchange Commission. Bailey said the rest of the money is likely to be raised over the next 18 months. Similar to the last two Fireside funds, Bailey said he’ll use the money to invest in
Fireside Financial has raised $75 million for its Fireside Real Estate Partners III fund. The fund is seeks to raise $500 million in equity commitments. Fireside focuses on value-added investments in multifamily and self-storage properties, primarily in the Midwest. Fireside Real Estate Partners II, the fund’s predecessor, launched in 2011 and was targeting $100 million in equity commitments. Click Here for Original Article
Michael Bailey’s Fireside Financial, a private equity firm based in Edwardsville, is on the market to grow its real estate portfolio, looking to buy two to three apartment properties as well as 300,000 square feet of self-storage space this year. In addition to Fireside’s expected acquisitions in 2012, the company also plans to launch two new investment funds totaling a combined $500 million in assets in early 2014, according to Bailey, who founded Fireside in
A private equity firm in Illinois recently inked a deal to buy the Hunter’s Glen Apartments in Chesterfield for more than $10 million, acquiring the multi-family complex from a Boston pension fund adviser. Michael Bailey’s Fireside Financial of Edwardsville closed Sept. 18 on the purchase of Hunter’s Glen from Boston-based Eaton Vance. While terms of the deal were not disclosed, the property was appraised at about $9.6 million, according to the St. Louis County Department
Gannon Realty Group and Fireside Financial partnered to buy the Charter Place Apartments in Creve Coeur for $22 million. The deal is among the area’s largest multi-family sales in the past 18 months as investment sale activity has slowed to a crawl. The sale of the 284-unit property at 11907 Charter House Lane near Olive and I-270 closed March 3. Principal Global Investors of Des Moines, Iowa, bought the property in 2005 for $30 million.