The fund will focus on investments in mixed-income housingdevelopment, land acquisition in urban areas, partnerships withlocal community-based development groups, and partnering inbusinesses with a mission of socially responsible development,according to a prepared company statement. With investments rangingfrom $2 million to $20 million of equity, the fund will targetprojects that provide affordable and work-force housing andcommunity-serving retail in New York City and other dense andethnically diverse markets around the country.

Alicia Glen, managing director of Goldman Sachs UIG, tellsGlobeSt.com that the firm has been doing business with L&M fora while now and this fund further expands their relationship. "Weare doing six projects with them right now, some of which are invarious stages of development or predevelopment," she notes.

"We share a very strategic approach to urban investing and aretaking the relationship to the next level," she explains, notingthat the synergy is perfect between the two—as far as how they wantto use their collective capital to rebuild and revitalizeunderserved transitioning neighborhoods—is in tune. Although Glensays, that they cannot disclose specific projects the partnershipis looking at, as of yet, she did note that there are a bunch thatare in the pipeline that will go into the fund, which she says willcap out at $100 million--$90 million from Goldman and $10 millionfrom L&M.