Development — Spy Rock is focused on ground-up development and redevelopment of multifamily and mixed-use projects. We target primarily urban, infill and new urban locations in submarkets with high barriers to entry and strong, long-term demand drivers. Spy Rock will opportunistically deploy tax credit programs including historic, low income housing and new markets.

Acquisitions — Spy Rock seeks acquisitions of stabilized assets and value-add opportunities with management and/or physical needs. We have a conservative approach to underwriting with a mid to long-term hold outlook on our acquisitions. Spy Rock will consider both affluent submarkets with strong fundamentals in addition to transitional and more affordable markets with significant upside.

Special Situations — Spy Rock targets special situations or distressed investments only for assets that would be attractive for outright ownership. Many of the distressed opportunities that have materialized thus far in the real estate downturn suffer not only from capital structure distress, but also from operational distress or poor locations. Distressed investments tend to be unique and require creative structuring, so our philosophy is to create a win-win for owners, lenders and investors. Within our Special Situations strategy, we will target:

Consulting — We recognize that many owners of real estate have unprecedented needs due to the current environment. They may be forced to dramatically change their strategy or seek partners that bring unique skill sets and creative solutions. Spy Rock's principals have wide ranging industry experience and will opportunistically take on consulting assignments including: