| Somerset Partners’ Philip Welch, Marshall Allan, and Keith Rubenstein have a new option for lenders on the hook for troubled assets: a platform they call “Endgame,” melding Somerset’s development skill with JLL’s real estate infrastructure. Their intention is to step in pre-foreclosure or after things have turned dire—from earliest design and construction to marketing and lease-up. Endgame’s differentiator, they say, is that Somerset can take an equity position, up to $250M, putting itself on the line with lenders. They believe that as banks realize how time-consuming it is to vet service providers for each of their troubled projects around the country, Endgame will stand out by allowing them to work with a familiar national name, access to JLL’s 1200 professionals, and single point of contact. More info. |
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