CSV acquires discounted performing loan positions on all commercial real estate asset types. Over the past nine months, CSV has acquired more than $500 million of discounted performing loan assets, consisting of first mortgages, B-notes and mezzanine loans. CSV is especially aggressive on loans secured by office and hospitality assets.

Michaels says that "we are opportunistic investors and we are willing to make smart risk adjusted investments." He notes that the company does prefer investing in first mortgages, but will consider mezzanine loans if priced appropriately."

He tells GlobeSt.com that as far as equity sitting on the sidelines, "certainly most investors are waiting to see a stabilization effect from the government passage of TARP, however there is a lot going on now; tightening of credit, increase of interest rates, concerns about recession and economic performance. ... I think the good old days are over for now, but there is capital for appropriately priced transactions. We are investing but carefully."

In addition and separate from the foregoing loan acquisitions, CSV Capital has a $400-million principal lending joint venture with a major insurance company to originate mezzanine and preferred equity investments up to 85% of the capital structure on cash-flowing assets. This vehicle is also actively pursuing the acquisition of high quality, performing, discounted loan assets, which are available in the secondary market. GlobeSt.com has learned that CSV's previously reported $500-million JV with Prudential to "take advantage of the current credit dislocation and achieve above average returns for itself by acquiring existing performing real estate assets at a discount," is in fact the same JV above, with leverage.