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Private Real Estate Developer Opus Corp Facing Crisis

The Wall Street Journal is reporting that Opus Corp, one of the largest private real-estate developers in the nation, is in a crisis, having sought bankruptcy-court protection for three of its five regional operating companies.

The company is run by the Rauenhorst family of Minnesota, and according to the WSJ develops commercial properties and gets them leased, then sells the properties to investors. The article quotes Stephen Blank of the Urban Land Institute as saying “There are any number of large private developers who have the same potential issues.”

SunCal is a privately run group of companies controlled by the Elieff family out of Irvine, California. Bruce Elieff, son of Boris Elieff, the founder of the company, is the current Chairman and CEO.

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