The U.S. Real Estate Investment Fund, which is managed by Boston based Intercontinental Real Estate Corporation, holds offices and apartments as well as industrial, retail, and mixed-use properties. When the fund’s managers decided to add The Westheimer, a 244-unit luxury apartment in Houston, to their portfolio, they turned to Beech Street’s Brian’s Sykes, senior vice president based in its Boston office.
The fund’s managers had good reason for being confident that Sykes would come through for them. Although new to the fund, Sykes had previously originated two deals with Peter Palandjian, chairman and CEO of Intercontinental and he understood their objectives perfectly. “The borrowers wanted to strike a balance,” he says. “Their goal was to maintain a low overall leverage position for the fund, while maximizing the cash-on-cash yield for their investors.”