An RCG source tells GlobeSt.com that "it may be news that we've raised $602.5 million at a time when the market is in a bit of a vacuum. However, it's important to stress that we have continued to be in this business for a long time." The general partners have been large-scale owners and operators in their own right. "We continue to do the business we have done for some time, with modifications to expectations of yield and desire to make sure we're not over-investing."

Those partners--Peter Cohen and Michael Boxer of Ramius LLC, Jeffrey Feil and Jay Anderson of the Feil Organization, Morton Olshan of Mall Properties and Jon Estreich of Estreich & Co.--have originated more than $2 billion in real estate mezzanine debt and other related instruments through RCG Longview fund vehicles. The vehicles have included bridge loans, mezzanine loans, bridge mortgages and preferred equity opportunities.

Over the course of nine years, the partners have made more than 450 investments backed by $15 billion in commercial real estate. A recent local example is the mezz lending RCG Longview provided in Hypo Real Estate Capital Corp.'s $130-million loan for a 17-story office and retail property at 681 Fifth Ave. last September.