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Core I
Value-Add
I Opportunistic
FUNDS
ARE CLOSED TO NEW INVESTMENTS
Value Add
Series: The Multi-Employer Series
LBC teamed with investment
managers to form two limited partnerships with value-add investment
strategies. These funds have pursued strategies that are more
opportunistic, rather than a purely core strategy, since these
strategies intend to create shareholder value entirely through
development or redevelopment of commercial real estate assets
and use of leverage. In these funds, management co-invested
along side pension plan investors.
Multi-Employer
Development Partners, LP
In 1999, LBC, with Kennedy and CS Capital Management, Inc.
organized the Multi-Employer Development Partners, L.P. (MEDP).
This fund was capitalized with $212 million from 8 pension
plans and was designed to co-invest with publicly-traded real
estate investment trusts and real estate operating companies
in new development projects throughout the U.S.
Key Characteristics of
MEDP:
- Joint venture with REITs
- 100% union-built, institutional
grade new construction properties around the country
- Inception: February 1999
- Closed-end, limited partnership,
leveraged, 5-year term
- $212.2 million equity capitalization
- Fully committed: 7 investments
Multi-Employer
Hotel Partnerships, LP
LBC partnered with Kennedy in 1999 to form Multi-Employer
Hotel Partners, L.P. (MEHP), a limited partnership set up
to reposition hotel properties across the U.S. Through renovation,
improved management, development and/or refinancing, MEHP
created a portfolio to produce superior risk-adjusted returns
for investors. MEHP invested in three assets and is in the
disposition phase.
Key Characteristics of
MEHP:
- Invest in high quality,
operating hotels and reposition and/or renovate using 100%
union labor
- Aggressively manage hotels
to improve profitability
- Fund Commencement: January
2002
- Closed-end, limited partnership,
leveraged, 5-year term
- $125.2 million equity capitalization
- Fully Committed: 3 investments
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W Hotel
San Diego, CA
Lowes New Orleans
New Orleans, LA
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