Real Estate Strategy

Overview
The Avenue Real Estate Strategy seeks U.S.-focused opportunistic real estate investments. These investments may include, but are not limited to, direct interests in real property, joint ventures, mortgage loans and mezzanine debt, and interests in public or private real estate investment trusts, pooled funds or other real estate-related companies.

The strategy generally focuses on:

• Situations, as opposed to trends, as well as complex "difficult to understand" transactions
• Properties located in major U.S. urban centers, with a particular focus on the New York tri-state area
• Residential, office, retail, hotel and industrial properties
• Value-added, redevelopment, special situation or independently sourced opportunities

Approach
Avenue's experienced investment professionals focus on real estate investments and institutional-quality underwriting. Investments may include activist and joint venture opportunities. The strategy may also purchase real estate-related non-performing and performing debt, partnership interests, or public securities. The strategy may also provide liquidity to recapitalizations and may invest in distressed situations that allow for turnaround opportunities.

The strategy generally targets:

• Real estate assets located in the U.S.
• Equity, preferred equity, first mortgage bridge loans and mezzanine loans across all real estate asset classes

Senior Management Team
The Avenue Real Estate Strategy is managed by a team of senior investment professionals who have spent virtually their entire careers either in the distressed debt and securities markets or real estate market.The senior management team includes: