DFX Intelligence
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E••• C•••••• M•••••••••
Distressed real estate managerSEC-registered adviserunder $1B· New York, New York
Distressed real estate manager, based in New York, New York, reporting $520M of real estate gross assets across 2 vehicles.
Composed from this manager's Form ADV filings and classification.
As of · the latest Form ADV filing; property activity carries its own dates
- Real estate GAV
- $520M
- Current vehicles
- 2
- Properties held
- 1
Form ADV, Schedule D, real estate vehicles summed
Form ADV, Schedule D 7.B.(1)
Deeds, filings and the manager's own site, bound to its vehicles
As of · the latest Form ADV filing; property activity carries its own dates
Why this matters
- Graphs 2
Identifiers, size band and strategyCRD 167047 · SEC 801-117061ShowHide
What capital do they manage?
- Real estate GAV
- $520M GAV 2024sum of GAV over non-feeder, non-quarantined Real Estate Fund vehicles on the latest filing (a scale proxy, never fund size)
- Vehicles
- 2 current, 3 ever, 1 dropped0 feeders, 0 funds of funds
- First on the tape
- 2013the extract starts in 2011; an earlier history is not visible
- Latest filing
- Mar 25, 2024registered adviser
- Adviser RAUM
- $520Mthe whole adviser, all strategies; used for the quarantine test only
- Fund types on the latest filing
- Real Estate Fund 2
- Latest vintage
- 2023from a fund name year or the first ADV report after the adviser's first filing
What do they say they do?
stated by the manager
- Strategy
- Distressed
- Operator model
- Fund managerbasis: stated
- Property types
- Multifamily, Student housing, Senior housingbasis: stated
- Markets
- not stated
- Business kind (site)
- Real estate manager
- AUM in its own words
- $600 million+ in aggregate capital commitmentsthe manager's statement, not a DFX figure
In the manager’s own words
- Distressed: “E••• C•••••• M••••••••• specializes in distressed and special situation real estate opportunities within the municipal marketplace, a highly specialized niche investment area.”
- Special situations: “E••• C•••••• M••••••••• specializes in distressed and special situation real estate opportunities within the municipal marketplace, a highly specialized niche investment area.”
- Debt: “E••• makes control investments in distressed debt secured by rental housing assets that qualify for municipal revenue bond financing.”
- Multifamily: “The real estate assets are typically within the subsectors of affordable multifamily housing, student housing, and senior housing, and exhibit asset and financial distress.”
- Student housing: “The real estate assets are typically within the subsectors of affordable multifamily housing, student housing, and senior housing, and exhibit asset and financial distress.”
- Senior housing: “The real estate assets are typically within the subsectors of affordable multifamily housing, student housing, and senior housing, and exhibit asset and financial distress.”
Vehicles
3 on Form ADV
| Vehicle | Kind | GAV | Owners | Reported | Vintage | Lifecycle | Name says | LPs |
|---|---|---|---|---|---|---|---|---|
| E••• M•••••••• R••• E••••• S••••••• I•• L• 805-2213023076 | master | $302M GAV 2024 | 136 | 2019 to 2024 | 2019 | Investing | ||
| E••• M•••••••• R••• E••••• S••••••• I••• L• 805-6463761291 | master | $218M GAV 2024 | 205 | 2023 to 2024 | 2023 | Raising |
1 dropped, re-typed or historical vehicles
| Vehicle | Kind | GAV | Owners | Reported | Vintage | Lifecycle | Name says | LPs |
|---|---|---|---|---|---|---|---|---|
| B•••• H••• H•••••••• L•• 805-5164379393, dropped 2019 | fund | $4M GAV 2018 | 11 | 2013* to 2018 | unknown | Dropped from ADV |
What do they actually own?
1 trusted of 2 candidate bindings
| Owner entity | Vehicle | Properties held | Loans | Evidence |
|---|---|---|---|---|
| E•••• I•• J••••••••• L•• FL, multifamily 10+ units | manager only | 1 assessed $32.3M | Corporate filing sunbiz officer person is manager |
What are they buying, selling and financing?
0 acquisitions, 0 sales, 0 financings in 12 months
- AcquisitionAug 1, 2025$37.0M5885 EDENFIELD RD, Jacksonville FL (multifamily 10+ units) through E•••• I•• J••••••••• L••Public records search.sunbiz.org
Who finances them?
0 loans, 0 lender groups
No recorded loans through trusted holdings.
Who backs them?
0 allocators, 0 rows
No institutional LP disclosure resolved to this manager.
People
Form ADV Schedule A, latest filing
- S••••• D•••• B•••• Chief Compliance Officer, Member And Manager since 2012-02 also on vc
- P••• A•••• S••••• Member And Manager since 2012-02 also on vc
What is changing?
- Vehicle dropped from ADV Mar 25, 2024 (observed) ••• Locked
- Vehicle first reported Mar 28, 2023 (observed) ••• Locked
- Vehicle dropped from ADV Mar 28, 2019 (observed) ••• Locked
- Vehicle first reported Mar 28, 2019 (observed) ••• Locked
- Vehicle first reported Mar 20, 2015 (observed) ••• Locked
- Vehicle first reported Mar 7, 2013 (observed) ••• Locked
- First ADV filing on the tape Mar 7, 2013 (observed) ••• Locked
Across DFXHow records are bridgedBridged by shared CRD, CIK or SEC fund id only; the same institution’s PE portfolio companies and its real estate holdings stay on their own graphs.
Not yet on record: institutional LPs.