| CalPERS took huge gamble at the worst time (The Sacramento Bee) |
| Giant home builder Lennar Corp. started 2007 with a thud, writing off up to $500 million in real estate assets because of deteriorating market conditions. But the news wasn't all bad. On Jan. 2, 2007, the same day it revealed the write-offs, the Miami home builder and a partner announced they'd sold a nearly $1 billion stake in a real estate deal called LandSource Communities Development LLC. ... |
| 01/04/2009 |
| CalPERS took huge gamble at the worst time (The Sacramento Bee) |
| CalPERS was steered to LandSource by MacFarlane Partners, a San Francisco firm that has advised the fund since the 1990s. MacFarlane previously guided successful CalPERS investments in such projects as the Plaza Lofts in Sacramento and a Los Angeles shopping center led by basketball legend Magic Johnson. Assessing LandSource, "we based it on our research, our judgment and on MacFarlane's ... |
| 01/04/2009 |
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