Affiliates occasionally will invest capital, with crafted consulting commitments, to development projects sponsored or initiated by others. The most recent example is an acquisition and land development loan on a well executed condominium community near Interstate 93 in North Reading, Massachusetts.
An affiliated partnership was engaged by a liquidating private equity entity to develop and monetize this largely abandoned 18-acre waterfront site at the entrance causeway to the exclusive Boca Grande community. These efforts were a catalyst for action from an environmental group which resulted in assignment of the contract at a significant premium to its 10-year dormant value as an REO holding of a private equity vehicle.