Building and Land Technology (BLT) and Green Hollow Capital Partners have partnered to form BLT Green Hollow (BLTGH or JV), a new joint venture with more than $1.6 billion of equity capital invested to date.
The new fund is the ninth in a series invested and managed by BLT and will have an anchor investment of $102.5 million.
BLT Green Hollow has begun investing this capital under its commercial real estate investment strategy, primarily focused on high-yield, opportunistic, special situation transactions targeting distressed debt and equity opportunities including rescue capital, mezzanine debt, preferred equity or common equity for all property types.
The JV will be led by BLT chairman Carl Kuehner and Jim Glasgow, CEO of Green Hollow Capital Partners.
“Having successfully managed a number of key investment funds, we are excited to partner with Green Hollow Capital Partners to launch this joint venture together,” said Kuehner.
“After working together for nearly 15 years, and with more than six decades of combined experience in all aspects of CRE through multiple cycles, Jim and I believe that by strategically combining our investment expertise, we can create better opportunities for high quality investments.”
The combined track record of BLT and Green Hollow Capital Partners includes successfully investing nearly $6 billion of equity capital in more than $15 billion of debt and equity transactions throughout the U.S. and the Caribbean.
“In this current environment, we are seeing enormous opportunity across the commercial real estate spectrum,” said Glasgow,. “Combining our efforts with our trusted partner, BLT, we have access to a select variety of quality opportunities to deploy capital and generate value for our investors.”
The JV aims to identify investment opportunities across the CRE spectrum, including mispriced or mismanaged assets, and special situations in both equity and debt.
BLT, founded in 1982, is a privately held real estate developer, manager, and private equity firm. BLT is vertically integrated and has invested in, developed, owned, and managed more than 25 million square feet of commercial, hotel, and residential properties across 26 states. BLT is also the largest franchisee of Sotheby’s residential real estate brokerage, with 28 offices and 1,000 real estate agents.