We pursue four types of real estate investments:

• Distressed Situations and Recapitalizations – Defaulted loans and other situations where our debt restructuring, bankruptcy, and recapitalization experience combine with our real estate expertise to create value for our partners.

• Undermanaged or Value-Add/Development – Assets which we can improve significantly either through development, redevelopment or operational enhancements and aggressive asset management.

• Credit and Fixed Return – Mortgage, Mezzanine or Preferred Equity situations where we can reduce risk through priority structures and still maintain attractive returns.

• Compounders – Assets which we can acquire at an attractive basis to compound invested equity steadily and significantly over a long-term holding period.

We focus on New York City and other east coast markets and typically invest alongside financial partners including family offices and real estate-focused funds.