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JVs & Investment Programs
HFFS accesses equity capital for its real estate clients to establish project-specific and
programmatic joint ventures or investment programs. These transactions typically involve the
acquisition, development, recapitalization or restructuring of multi-asset real estate portfolios.
Such co-investment vehicles can have a core, value-added or opportunistic approach, with a focus
on specific property types and geographic areas.
In general, joint ventures are structured so the sponsor can receive incentive compensation upon
achieving specified returns for the investors. The level of incentive compensation will vary
according to the sponsor's co-investment, the strategy and risk profile. The sponsor may also receive
market-based fees for services such as property management, development and leasing.
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