Resource America To Create Joint Venture With Pearlmark Real Estate Partners

(RTTNews) - Resource America, Inc. (REXI) said that it has expanded its real estate asset management operations by entering into an arrangement with Pearlmark Real Estate Partners, L.L.C. or "PREP" to create a strategic 50/50 joint venture with the principals of PREP.

Based in Chicago, PREP is a real estate investment manager that has sponsored a series of private institutional real estate vehicles to acquire, develop and manage office, retail, industrial and multifamily properties; and invest in proprietarily originated high-yield real estate debt opportunities throughout the United States. Through its platforms, it has committed approximately $4.5 billion of equity capital from an investor base including insurance companies, public and private pension funds, foundations, endowments, high net worth families, banks and Fortune 500 corporations, and has approximately 35 employees.

PREP is led by Stephen Quazzo, a widely recognized real estate industry veteran. Before co-founding PREP in 1996, he served as President of Equity Institutional Investors, Inc., a subsidiary of investor Sam Zell's private holding company. Prior to joining the Zell organization, Quazzo was a Vice President in the Real Estate Department of Goldman, Sachs & Co.

The company noted that the new venture will be known as Pearlmark Real Estate, L.L.C. and will sponsor and manage all new funds and investment strategies under the Pearlmark banner. Stephen Quazzo and Jonathan Cohen, President and CEO of the Company, will make up the Executive Committee.