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. Bailey noted that CMBS were somewhat out of favor at the time, but that Fireside saw them returning to favor and viewed it as a good opportunity.
