Joe Shanley has left his role as VP at SL Green Realty to run a new investment company focused on ground leases. Haven Capital is a joint venture of Regis Group and funds managed by the Real Estate Equity and Alternative Credit strategies of Ares Management Corporation, CO reported.
- Dig Deeper: The new venture is armed with an initial $1 billion to seek out and capitalize ground lease opportunities across every real estate asset class at a $20 million minimum transaction size.
- Heard on the Street: Joe Shanley: “The formation of Haven Capital marks the entry of well-established institutional investors into what we believe is a largely untapped sector for commercial property investment. Ground leases are an underutilized tool that provides an alternative source of capital for both existing assets and ground-up developments.” [CO+REW]