Special Situations

We believe the next phase of the cycle will produce significant opportunities in special situations, rescue capital, recapitalizations and opportunistic credit as the market continues to reprice to a higher-rate environment. Assets financed in a lower-rate era now face maturing debt, higher refinancing costs and capital needs their original business plans did not anticipate. We are ready to lean in.

We look for mispriced opportunities and situations that require creative structuring. Our edge is underwriting: analyzing an opportunity, building the optimal capital stack, finding the fulcrum in a deal, and determining which position to take, at what size and at what price. Our principal’s background in structured finance, debt workouts and restructuring-oriented assignments informs how we approach complex, multi-party situations.

WHERE WE INVEST

• Rescue and gap capital for assets facing debt maturities or capital shortfalls

• Recapitalizations and preferred equity alongside existing owners

• Opportunistic credit, including discounted note purchases and structured debt positions

• Ground leases and leasehold interests, where contractual economics protect the downside

• Distressed or broken assets, stalled developments and partnership disputes

• Assets held by motivated sellers, including lenders, receivers and estates

HOW WE APPROACH THEM

Special situations reward patience, speed and certainty of execution. We underwrite the downside first, understand every stakeholder’s position and incentives, and structure each investment so that current cash flow or contractual economics protect capital while a specific business plan creates upside. Where it serves the outcome, we partner with lenders, operators and existing ownership to find solutions that work for everyone at the table.