WLJ Partners, a Coral Gables, Fla., investment fund, announced its formation Thursday and said it has raised $200 million to buy nonperforming commercial real estate loans.

The fund said it will focus on loans with balances of $2 million to $10 million, though it is willing to buy larger loans that fit its criteria.

It was started by Rick Williamson, who worked for 20 years at FBOP Corp. of Oak Park, Ill.,; Eileen Lyons, previously a senior director at Hypo Real Estate Corp.; and Paul Jones, the founder and president of Pyramid Realty Group, which will provide due diligence to WLJ.

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