Despite what you might have presumed, deals are getting done

In a real estate and financial climate where most parties are in a state of paralysis, money is still moving and deals are getting done. One such case involves FB Capital Partners, which closed on a $60 million equity fund called FB Real Estate Fund.

Though it defied these difficult times, that’s not to say it was a breeze to line up. “It was hard to get done,” said Michael C. Forman, a co-founder of FB Capital.

The fund was sponsored by Credit Suisse First Boston, which has been involved in other local funds such as Exeter Property Group. Aside from an infusion from Credit Suisse, FB Capital culled its money from its principles including Forman and Gary Brandeis. It also contributed a portfolio of four properties — the Crown Plaza off City Avenue, Staybridge Suites in Glen Mills and two office buildings in Providence, R.I. — it owns toward the fund.

“That’s the kind of transaction they were looking for,” said Forman, who did a stint in the corporate and securities department at the law firm of Klehr Harrison Harvey Branzburg & Ellers. Brandeis worked in the past at Lincoln Property Group and Sage Real Estate Group.