6/10/2010

Seeking to recapitalize its business and refinance an almost $900 million loan, LNR Properties is launching a $400 million equity rights offering. Vornado Realty Trust might take a stake in LNR as it restructures, according to a source. Speaking at the NAREIT's Investor Forum this week, Vornado CEO Michael Fascitelli pointed to special servicers as a good source of acquisitions and investments. "We expect there to be a great source of opportunities coming out of the special servicing, CMBS area. We're looking for assets where we can find them," he said.

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