Friedman, Billings, Ramsey Group, Arlington, Va., has announced a partnership with former Washington, D.C. Mayor Anthony A. Williams to create a real estate company focused on serving the government and nonprofit markets.The company, Public Properties Realty Investment Trust, will initially operate as a wholly owned subsidiary of FBR, but FBR said it expects the trust to raise additional third-party capital and eventually to qualify as a real estate investment trust. The company "will allow any government, quasi-governmental organization, or not-for-profit entity -- including those with limited sources of funding, borrowing limits, and other constraints -- to unlock the embedded value within its real estate," Mr. Williams said. "Public Property Trust will provide alternative funding that can revitalize neighborhoods, fund new educational facilities, finance large-scale mixed-use projects, or support ongoing operations." FBR can be found online at http://www.fbr.com, and the new company can be found at http://www.publicpropertytrust.com.

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