NEW YORK CITY-GoldenTree InSite Partners, the real estate fund group of GoldenTree Asset Management, is being spun off as GTIS Partners. The name change takes effect on July 1; the two companies will continue collaborating on new investments.

According to a release, the spinoff occurs as the outcome of GTIS Partners’ achieving certain “pre-determined operating milestones,” including a $1-billion threshold of third-party equity under management. GTIS president Tom Shapiro says in the release, “When GTAM’s CEO and founder, Steve Tananbaum, and I formed the joint venture in 2005, we agreed that when GTIS achieved these benchmarks, it would become an independent entity. GTAM has been an outstanding partner to us, and we look forward to our continued collaboration.”

GTIS says it will bolster its US investment presence, along with continuing to focus on Brazil. In the aftermath of the capital markets collapse in September 2008, GTIS suspended its US investment, re-entering the domestic market this past September with a series of land investment and homebuilding joint ventures that have been undertaken with Hovnanian Enterprises, LGI Homes, Southwest Value Partners and Hines Interests. The JVs have invested in more than 20,000 single-family lots, condominium units and single-family houses in Arizona, Florida, Illinois and Texas.