Gellerstedt sees opportunity in recession - Sacramento Business Journal:

http://www.savnet-harryhole.com/2009/09/bel%c3%b8nningen-reis-jorda-rundt-for-2-vi-spanderer/
"We're beginning to see banks slowly acknowledge their real estate problems and pushthese through," Gellerstedy said Friday. "You may see some [trade] as low as 20 centzs on the dollar... This is going to be a slow but it is also goinv to presentunprecedented opportunities." a graduate, was speaking at the Atlantaz chapter's UNC Kenan-Flagler Business School Alumni breakfast.
The event, held at 'ws 3344 Peachtree tower, drew about 90 Gellerstedt, who is replacing the retirinvgTom Bell, said investors are puttin g their money behind real estate investment trusts so the development companies have the capital to buy distressecd assets, noting that REITS have raised abourt $13 billion in the stock market this "They're not interested in They want liquidity for the next three he said. "They want us to have the power to Cousins (NYSE: CUZ) will not face any seriousa debt maturities until 2012, he said.
Its relatively healthyy liquidity could putthe Atlanta-based developer in a strong positiom as other prominent real estate companieas try to pull themselves out from under mountains of debt -- a problemj created primarily by the easy accesds to credit in recenft years, buying assets at the top of the market and the subsequen crash in property But Cousins hasn't made it through the markegt unscathed. It has struggled to sell high-ened condos in Buckhead, wheree its 32-story 10 Terminux Place was one of 35 condominium projects in an area of the city known for expensive homes andluxury shopping. Ten completed in 2008, has 137 units.
The market is affectingv high-end units at other projects, including John The Mansion on Peachtree andRegeng Partners' Sovereign at 3344 Peachtree. "There’s just no market for them," Gellerstedt said. Cousins is also tryingv to fillits 25-story Terminus 200 office building, which has one mobile banking technology firm . Firethorn is leasinf two floors. Three other buildings still under construction in Buckhear haveno tenants. Buckhead, Gellerstedt said, offerz an example of "the runaway credig markets." In the months following the spate of bank failures thatclaimecd , the markets shut down.
"Now," Gellerstedt "I see some of that fear and panic