Funds Overview

In November 2021, we began investing on behalf of Morrison Street Fund VII, LP. Fund VII targeted office, industrial, retail, multifamily and hotel assets, making equity investments nationwide. Fund VII is invested in a portfolio with a total cost of $194.5 million to date. The Fund’s investments include structured equity and preferred equity.

In August 2019, we began investing on behalf of Morrison Street Fund VI, LP. Fund VI targeted office, industrial, retail, multifamily and hotel assets, making equity investments nationwide. Fund VI is invested in a portfolio with a total cost of $369 million to date. The Fund’s investments include equity, structured equity and preferred equity.

In August 2018, we began investing on behalf of Morrison Street Debt Opportunities Fund II. MSDO II targeted office, industrial, retail, multifamily and hotel assets, making debt investments nationwide. MSDO II is invested in a portfolio with a total cost of $1.2 billion to date. The Fund’s investments include mezzanine loans.

In October 2015, we began investing on behalf of Morrison Street Debt Opportunities Fund. MSDO targeted office, industrial, retail, multifamily and hotel assets, making debt investments nationwide. MSDO invested in a portfolio with a total cost of $2.04 billion. The Fund’s investments included preferred equity, mezzanine loans and B-notes.

In January 2014, we began investing on behalf of Morrison Street Fund V, LP and its sidecar Debt Fund II, LP. The investment strategy targeted office, industrial, retail and multifamily assets, making debt investments nationwide and completing equity transactions throughout the Mountain and Western United States. Together, these Funds were invested in a portfolio with a total cost of $390 million. Fund V’s investments included equity, preferred equity and mezzanine loans, and DFII included only preferred equity investments.

In May 2011, we began investing on behalf of Morrison Street Fund IV, LP and a sidecar vehicle (Debt Fund I, LP). The investment strategy targeted office, industrial, retail and multifamily assets throughout the Mountain and Western United States. Together, these Funds were invested in a portfolio with a total cost of $458 million. Fund IV’s investments included equity and preferred equity, and DFI included only preferred equity investments.

In response to widening credit spreads in 2009, we formed a dedicated CMBS Fund, LP to take advantage of a specific market dislocation by purchasing 2003 to 2005 vintage commercial mortgage-backed securities. The Fund conducted 16 distinct purchases of CMBS bonds and sold its last position in 2021.

As a continuation of the Morrison Street series of funds, we began investing Morrison Street Fund III, LP in 2008. Fund III equity investments targeted the western states (Colorado and all parts west). Debt investments were made nationwide. Fund III invested in a portfolio with a total cost of $338 million. The Fund’s investments included equity, preferred equity, mezzanine debt, B notes and CMBS.

In January 2006, we began investing capital on behalf of Morrison Street Fund II, LP. Fund II expanded its market coverage to include California, Utah, Arizona and Colorado, in addition to the Pacific Northwest markets (OR, WA, ID, NV) primarily targeted by Fund I. Fund II invested in a portfolio that included over $270 million in real estate assets. The Fund’s investments were structured to include equity, preferred equity and subordinate debt.

In 2003, on behalf of Morrison Street Fund I, LP, we assembled a diversified $176 million portfolio of office, industrial, retail and multifamily properties. Fund I’s portfolio included investments in Oregon, Washington, Idaho, Nevada, Colorado and Arizona. The discretionary nature of the Fund’s capital allowed us to respond quickly and effectively to market opportunities and to conduct detailed and timely underwriting of the Fund’s investments.