Pay Dirt
Sacramento banker bets $500 million on brownfields
By Michael Bowker | From August 2007
Community Comments
Third, Hollingworth says rather than being daunted by the complexity of brownfield projects, it is actually one of the reasons he is in the business. Hollingworth, who founded CERF in 2005 along with Executive VP and COO Craig Carbrey, says the company chooses only about two projects out of every 100 applications. “You have to dance with a lot of frogs before you find the deal that makes sense. We’re not appropriate for everybody.”
Despite Hollingworth’s optimism, many observers believe brownfield redevelopment isn’t going to be the new wild, wild west, but rather a slow-motion boom. “Even if CERF is successful, I don’t think you’ll see a lot of imitators popping up,” points out one expert. “Not that many lending institutions have that much knowledge and experience regarding brownfields.” On the other hand, the possibilities of reclaiming $2 trillion in prime, urban real estate are going to be hard to ignore.
Prosperity Icon: Money
Category: Investment
Tags: banker, dirt, money, investing
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