Home builder Ryland announced the company has formed a partnership with Oaktree Capital Management to identify and develop distressed real estate. “This is going to be a company that’s set up to look for opportunities on other financial institutions’ balance sheets,” said Drew Mackintosh, vice president of The Ryland Group, based in Calabasas. “Not houses, per se, but land that’s either owned by a bank or is in currently some form of distress as a non-performing loan to a home builder or a developer that’s owned by a bank.” He said they would not be focusing on any particular part of the country. “We’re going to start talking to financial institutions and get the word out that we’ve partnered with Oaktree and go out as a joint entity to see if there are any deals to be had.” Ryland stock closed up 3 percent, at $16.07 per share.
