A new class of financial instrument is likely to funnel a new round of Wall Street cash into South Florida’s residential real estate market, helping further drive up prices in a housing environment already buoyed by much investor money.
The novel type of security takes in rents being paid by tenants living in once-foreclosed residential properties, packages them together as a bundle and sells them off to investors in the form of AAA-rated bond. On Wednesday, giant hedge fund Blackstone Group LP presented an initial offering worth $479 million in such bonds to investors.
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