NEW YORK CITY-GoldenTree InSite Partners, the real estate fundgroup of GoldenTree Asset Management, is being spun off as GTISPartners. The name change takes effect on July 1; the two companieswill continue collaborating on new investments.

According to a release, the spinoff occurs as the outcome ofGTIS Partners’ achieving certain “pre-determined operatingmilestones,” including a $1-billion threshold of third-party equityunder management. GTIS president Tom Shapiro says in the release,“When GTAM’s CEO and founder, Steve Tananbaum, and I formed thejoint venture in 2005, we agreed that when GTIS achieved thesebenchmarks, it would become an independent entity. GTAM has been anoutstanding partner to us, and we look forward to our continuedcollaboration.”

GTIS says it will bolster its US investment presence, along withcontinuing to focus on Brazil. In the aftermath of the capitalmarkets collapse in September 2008, GTIS suspended its USinvestment, re-entering the domestic market this past Septemberwith a series of land investment and homebuilding joint venturesthat have been undertaken with Hovnanian Enterprises, LGI Homes,Southwest Value Partners and Hines Interests. The JVs have investedin more than 20,000 single-family lots, condominium units andsingle-family houses in Arizona, Florida, Illinois and Texas.