Fortress Investment Group acquired assets of RAIT for $174m.

Fortress Investment Group, an investment management firm based in New York City, acquired assets of RAIT Financial Trust, an American Real estate investment trust, for $174m as a part of Chapter 11 bankruptcy. Following the chapter 11 filing, RAIT will continue to operate as a “debtor-in-possession” under the jurisdiction of the Bankruptcy Court. RAIT expects to file a number of first day motions with the Bankruptcy Court that, among other things, will seek authorization to continue the operations of RAIT in the ordinary course of business during the sale process. RAIT expects to receive court approval for these requests.