Patronis will use the expertise of its operating partnerslocated across the US to develop and reposition multifamily, officeand industrial properties as well as shopping centers and seniorliving facilities. The firm will seek real estate opportunitieswith capitalizations between $20 and $50 million that can benefitfrom a value enhancement program. For the present, Patronis willconcentrate on domestic deals, but later plans to expand itsoperations to the international arena.

Niosi, the former founding executive of the Citibank PrivateBank Global Real Estate Investment Group and McDaniel, the formerhead of investments for the group, will lead the management team.While at Citibank they carried out in excess of 100 transactionswith a total aggregate acquisition capitalization of more than $2.5billion. Patronis' investment originations will be overseen byGreenstreet's Advisory Committee, chaired by managing directorJeffrey A. Safchik.