- The Firm
- Our Business
- Contact Us
PJ Finance Company owns a portfolio of 9,500 multifamily units in major metropolitan areas in the Sunbelt region including Dallas, Phoenix, Atlanta, Houston, Fort Lauderdale and Nashville. The Company filed for bankruptcy in March 2011 with more than $475 million in debt.
Cypress represented Gaia Real Estate in a §363 auction to acquire PJ Finance. The auction was conducted over 72 hours on three separate dates and involved several key terms including the terms of the assumption of debt and the recapitalization of the Company through an equity infusion. Gaia’s bid, financed in part by Starwood, was deemed a better bid over bids submitted by Fortress Investment Group and Oaktree Capital Management.