JPMorgan Unit Said to Suspend $750 Million of Fundraising
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JPMorgan Chase & Co., the biggest U.S. bank by assets, temporarily halted raising a $750 million fund to buy distressed real estate assets, said a person familiar with the effort.
The fund, operated through a division called Junius Real Estate Partners, made an initial investment, in Salamander Resort & Spa, a 168-room hotel in Middleburg, Virginia, that’s scheduled to open in 2013, said the person, who asked not to be identified because the fundraising is private.