Steve Ross: A taste for "toxic waste" Ross' Related is the front-runner for the Signature RS loans book, per @wsj. The loans are mostly backed by NYC rent-stabilized apartments, which when you combine rates w the '19 rent reforms, are probably the trickiest asset class in real estate rn. Plus, the FDIC wants to maintain a 95% stake and is req to maintain affordability. One observer called the book "toxic waste." 🗑️🤮 But if you're looking for a cleanup crew 🧹, Ross makes a lot of sense. You think of Related today as perhaps the premier megaproject developer (Time Warner, Hudson Yards), but the affordable housing and NYC apartment exposure is deep and longstanding. • Ross cut his teeth in AH, knows that space inside-out. He figured out a way to syndicate govt tax shelters and went from there. Today, Related has 55K AH units x 🇺🇸 • Per a '16 @trdny analysis, Related was the largest private rental landlord in New York 🗽, w over 15K units, ahead of LeFrak, Blackstone, Schron's Cammeby's. (full number likely higher bc of difficulty ID'ing true owner) • History of public/pvt partnerships: Did a JV w Essence in '21 to oversee renos for 2K NYCHA apts. Many other such deals over 40Y. Related's Signature bid is in partnership w 2 nonprofit housing groups. Bid is at < 70 cents on the $ on the loan's face value.