Sectors

• Hotels/Resorts
• Multi-Family/Residential
• Self-Storage
• Golf/Residential Development
• Office
• Commercial and Special Use Properties

Geography

• U.S. East Coast

  - Major MSA's

  - Area proximate to major MSA's

Investment Strategies

• Value-added opportunities through:

  - Redevelopment

  - Renovation

  - Re-positioning

  - Expansion

• Cyclical opportunities in supply-constrained markets

• Distressed asset ownership

  - Bankruptcy

  - Foreclosure

  - REO

  - Overleveraged speculators in flat or declining markets