Finance Institutional Investment
Goldman Sachs, L&M Launch Investment Fund for Urban Housing Projects
April 23, 2008
By: Barbra Murray, Contributin Correspondent

GSLM Capital Partners L.L.C., an investment entity involving Goldman Sachs' Urban Investment Group and L&M Development Partners Inc., has been created for the launching of a new $100 million investment fund that will target mixed-income housing projects in various well-populated and ethnically diverse markets across the United States.

The fund's $100 million, which will be leveraged, will likely be invested over a period of approximately three to four years. Of particular interest to GSLM will be Metropolitan New York, the Northeast, the Mid-Atlantic and California, where the fund will invest in mixed-income, affordable and workforce housing, as well as community-serving retail developments. "We will focus on the Northeast and California, but we're really looking for urban infill developments all over," GSLM's Larry Florin told CPN today. "We'll develop but we're also looking at existing properties that can be stabilized or repositioned. Equity totaling from $2 million to $20 million will be allocated for various endeavors.

Goldman Sachs UIG and L&M have patterned in the past on similar pursuits. Presently, the two companies are providing funding for the construction of four projects in Metropolitan New York, including the mixed-use Kalahari, a 250-unit mixed-income condominium development in Harlem.

New York City-based Goldman Sachs' urban investment group is part of the Goldman Sachs Group's merchant banking division that invests in real estate projects and operators in emerging urban areas. Headquartered in New Larchmont, N.Y., L&M Development Partners is an integrated family of companies engaging in the development, construction and management of real estate. L&M has constructed over 8,000 residential units including affordable and mixed-income offerings.

 
Recent Institutional Investment Headlines
Lehman May Accelerate Mortgage Asset Sales
Aug. 28, 2008
Lehman Brothers Holdings Inc., in an effort to both staunch its massive losses and tap into a burgeoning market for commercial real estate debt, is reportedly exploring a strategy that would have it set up a company to acquire some of its mortgage assets.
Mid-America Apartment Communities, Fannie Fund to Halt Acquisitions
Aug. 27, 2008
Mid-America Apartment Communities Inc. has reported that Mid-America Multifamily Fund I L.L.C., its joint venture in which it has a 1/3 interest, will not make additional acquisitions.
Equity One, DRA Advisors Take Florida Properties for $53M
Aug. 22, 2008
A joint venture between Equity One Inc. and DRA Advisors has taken three new properties in Florida for $53 million. The properties will be 80 percent owned by Equity One and 20 percent owned by DRA Advisors. The three properties, all retail centers, are Plantation Marketplace in Plantation, Penn Dutch Plaza in Margate and 1900/2000 Offices in Boca Raton.
Pacific Office Properties Nabs $195M Portfolio
Aug. 21, 2008
Pacific Office Properties Trust Inc. and an institutional co-investor have acquired a portfolio of seven Southern California office complexes for $195 million. The combined properties contain more than 1 million leasable square feet across 15 office and flex buildings.
Experts: Lehman RE Sale Could Be Major Opportunity
Aug. 19, 2008
Lehman Brothers Holdings Inc.’s sale of its commercial real estate assets may entice opportunity funds with the patience to wait for a positive turn in the real estate cycle, according to two real estate professionals.
 

 

Fund Invests $44M in Texas, Ohio Student Housing
August 27, 2008
By Gail Kalinoski, Contributing Editor -- The Place/BV Student Housing Fund L.L.C. continues to make investments in student housing facilities across the United States, with two more announced today. The properties will be developed in Texas and Ohio for $44...

Grubb & Ellis's Bach: Construction Costs May Be at Peak
August 27, 2008
By Dees Stribling, Contributing Correspondent -- The soaring cost of construction, spurred in recent years especially by the rising cost of inputs into the process--the energy needed, the costs of raw materials and so forth--may be at its peak, according...

JV Investment Boosts $3.4B India Mixed-Use Portfolio
August 27, 2008
By Barbra Murray, Contributing Editor -- In return for $126 million and change, Tel Aviv, Israel-based Elbit Imaging Ltd. has forked over part of its stake in a $3.4 billion mixed-use project portfolio in India via a new joint venture...

Trumbull Fund Refis $207M in Properties
August 27, 2008
By Tonie Auer, Southwest Correspondent -- Taking advantage of a good interest rate, Trumbull Property Fund refinanced six Class A multi-family properties throughout the country as part of a $207 million refinancing effort. The Hartford office of Holliday Fenoglio Fowler...

REal Talk with Adam Perrotta-Tuesday
August 26, 2008
By Adam Perrotta, News Writer --As the economy's struggles continue to bog down the retail sector, Sydney-based Lend Lease Corp. is planning to give up its 50 percent ownership interest in Metro Philadelphia's King of Prussia Mall. Given that the...

Do You Have A Bad Attitude?
August 22, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Show me a CEO with a bad attitude and I'll show you a poor leader. While this sounds simple enough at face value, I have consistently found that one of the most often...

Is Family Business a Good Idea?
August 15, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Oh what a conundrum! Family business: Should I, or shouldn't I? In my opinion there really isn't a right or wrong answer to this question. It is simply a matter of personal preference....

What to Do When Marketing Goes Wild
August 08, 2008
By Mike Myatt, Chief Strategy Officer N2growth --Have your company's marketing initiatives wandered astray? Is the proverbial tail starting to wag the dog with respect to your current marketing campaigns? How do you know when marketing is out of control?...

Six Mistakes Real Leaders Avoid
August 01, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --I recently had a reader ask: "Is there a simple test that can be used to quickly determine an executive's leadership ability?" The short answer is yes. There are, in fact, a great...

Top Brokers Do Deals in Bad Markets, Too
July 18, 2008
By Mike Myatt, Chief Strategy Officer N2growth --Many in the industry long for the frothy markets of 2005 when sellers experienced record low cap rates, buyers were aided by loose credit and a strong flow of funds from the capital...