Special situations arise when fundamentally strong assets face financial or liquidity challenges, such as near-term debt maturities, impaired equity, or sponsors without access to additional capital. The current market has created more opportunities for investors providing structured, solution-oriented capital. Success in these situations requires a flexible, collaborative partner capable of delivering tailored solutions. In an exclusive interview with IREI, Mark Van Zandt, managing director and co-head of real estate at King Street Capital Management, explained how the firm focuses on structured investments that address financial, rather than operational, stress.
How do you define a “special situation” in today’s U.S. commercial real estate market, as opposed to a traditional opportunistic or value-added investment?
We view special situations as complex or misunderstood opportunities that require creativity, flexibility, and occasionall
