Real Estate

In today’s market, traditional common equity real estate positions are challenging to underwrite effectively, with preferred equity yielding mid-teens and mezzanine debt yielding low double-digit returns. The LSP team takes a rigorous approach, re-underwriting and independently verifying all assumptions made by potential partners to assess the true relative value of each opportunity. In the current environment, we are targeting opportunities that, provide a compelling risk-adjusted return versus less risky parts of the capital stack.