IHP selected the investment accounting, reporting, valuation andexecutive management products from Yardi over software from twoother vendors. Yardi Investment Management is an integrated suiteof browser-based investment management tools developed specificallyfor the real estate industry. It can transform data from investmentpartners into reports for both individual and institutionalinvestors, Shea says. Terri Dowen, Yardi senior vice president ofsales, says the product offers, "increased operational efficiency,heightened transparency, and comprehensive oversight."


Founded in 1992, IHP is one of the nation's largest investmentfirms providing equity financing for residential development. Ithas more than 230 active and completed projects in 14 states fromHawaii to Delaware. The firm and its investment partners, includingmore than 20 of the nation's largest homebuilders and landdevelopers, have created residential neighborhoods, communities andprojects valued at more than $17 billion.


IHP's investors are the California Public Employees' RetirementSystem, the Northwestern Mutual Life Insurance Co. and Pacific LifeInsurance Co. The firm offers five types of investments:

  • Home Building--Equity investments in new home neighborhoods andcommunities, with partners who share in the profits. IHP'sfinancing structures generally do not require third-partydebt.
  • Land Development--Equity investments in community-leveldevelopments where the developer plans to offer building sites orlots to third-party-merchant homebuilders.
  • Structured Financing--Equity or mezzanine-oriented financingthat enables larger homebuilders or developers to manage theirbalance sheet exposure to land.
  • Land Entitlement--Investments where the zoning requires thedeveloper to seek political and/or environmental approvals toaccommodate a proposed residential land use.
  • Entity Financing--Investments in real estate operatingcompanies.

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