Joe Shanley has left SL Green 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.
Haven Capital aims to capitalize ground lease opportunities in most real estate sectors in the top 50 markets with an initial capacity in excess of $1.0 billion.
The company will target ground leases across all asset classes with a minimum $20 million transaction size.
Shanley, a former vice president at SL Green Realty managing equity and debt investments across the New York region, will lead the growth of the platform.
“Regis has an established track record of identifying emerging opportunities in real estate and building national platforms to offer solutions for the market,” said Nick Gould, Chairman and Founder, Regis Group. “We believe ground leases represent an attractive long-term funding source and we have formed Haven Capital with Ares to provide flexible ground leases to meet the needs of real estate owners across the United States.”
“We are pleased to launch Haven Capital, which we believe will enhance Ares’ existing real estate equity and debt investment capabilities,” said David Roth, Partner and Head of U.S. Real Estate Equity in the Ares Real Estate Group. “In our view, ground leases provide a compelling solution for both long-term property owners and developers, and we look forward to building this platform alongside Regis.”
“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,” added Shanley, Investment Director of Haven Capital. “Ground leases are an underutilized tool that provides an alternative source of capital for both existing assets and ground-up developments.”
Deutsche Bank Securities Inc. acted as Financial Advisor to Regis on the formation of Haven Capital.