To move forward, the firm formed GoldenTree InSite Real Estate Partners, a joint venture with Tishman Speyer veteran Tom Shapiro. The new venture will partner with small to mid-size entrepreneurial real estate operators where it believes there is a current gap in the capital markets. Shapiro tells GlobeSt.com that the firm will explore all property types. It will also look to opportunistically invest in value added real estate transactions through both direct and indirect equity investments, including illiquid real estate partnerships. Also, Todd Eagle has joined GoldenTree Asset Management as a portfolio manager and director of real estate fixed income to spearhead the firm's entry into the real estate mezzanine investing arena He will work directly with GoldenTree president and CIO Steve Tananbaum and Shapiro. A London office is next on the horizon.

While at Tishman Speyer, Shapiro was a senior managing director and served on both the firm's investment and management committees. Eagle, a 12-year veteran of Goldman Sachs, most recently ran its real estate transitional loan program and prior to that was head of European real estate investment banking.

"In the current environment for high yield we believe we can offer the best value to our clients by being total return managers," says Tananbaum. GoldenTree Asset Management currently manages more than $6.5 billion of bank loans, high yield bonds, distressed, equities, middle market, mezzanine and real estate assets. "In a market of low volatility and too much capital we must be able to use all of the tools available to us in order to produce returns."