NEW YORK CITY—GoldenTree Asset Management and GTIS Partners said Wednesday they had formed a joint venture focused on real estate debt. GTIS Debt Capital Management will provide customized solutions for both development and bridge debt, with loans generally ranging from $20 million to $200 million. Property types run the gamut from multifamily to single-family, with office, retail, hotel, industrial and mixed use also in the mix.
Leading GTIS Debt Capital Management will be David Blum, who recently joined GTIS as managing director and portfolio manager of real estate credit. Blum joined GTIS from Lone Star Fubnds, where was co-head of LStar Capital, its credit affiliate, and before that spent 11 years with Capmark Finance.
“GoldenTree has been a tremendous partner over the years as we built our business,” says Tom Shapiro, GTIS' president and CIO. He cites “the unique advantages this partnership brings to the real estate debt opportunity set.” Adds Steven Tananbaum, founding partner and CIO of GoldenTree, “We have made several successful real estate debt investments” with Shapiro and his team over the years “and believe this new platform will allow us to further capitalize on opportunities in this sector.”
Formerly the real estate fund group of GoldenTree and known previously as GoldenTree InSite Partners, GTIS Partners was spun off from GoldenTree in 2010. It specializes in opportunistic real estate investments through direct equity and non-traditional lending activities in the US and in Brazil, where it's among the largest real estate private equity companies. GTIS and GoldenTree have continued collaborate on new investments over the past seven years.
Tananbaum founded GoldenTree in 2000; today it's one of the largest independent asset managers focused on credit. The company manages over $25 billion for institutional investors including leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds.
Leading GTIS Debt Capital Management will be David Blum, who recently joined GTIS as managing director and portfolio manager of real estate credit. Blum joined GTIS from Lone Star Fubnds, where was co-head of LStar Capital, its credit affiliate, and before that spent 11 years with Capmark Finance.
“GoldenTree has been a tremendous partner over the years as we built our business,” says Tom Shapiro, GTIS' president and CIO. He cites “the unique advantages this partnership brings to the real estate debt opportunity set.” Adds Steven Tananbaum, founding partner and CIO of GoldenTree, “We have made several successful real estate debt investments” with Shapiro and his team over the years “and believe this new platform will allow us to further capitalize on opportunities in this sector.”
Formerly the real estate fund group of GoldenTree and known previously as GoldenTree InSite Partners, GTIS Partners was spun off from GoldenTree in 2010. It specializes in opportunistic real estate investments through direct equity and non-traditional lending activities in the US and in Brazil, where it's among the largest real estate private equity companies. GTIS and GoldenTree have continued collaborate on new investments over the past seven years.
Tananbaum founded GoldenTree in 2000; today it's one of the largest independent asset managers focused on credit. The company manages over $25 billion for institutional investors including leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
