The new fund, which has already completed its first round offinancing, will focus on value-added deals in the range of $1.5million to $10 million.

Such deals are smaller than the transactions of larger fundsthat offer debt and equity financing comparable to that provided byHaverford, David B. Blenko, president/CEO of Haverford Capital,tells GlobeSt.com."The business we're looking at falls below theradar screen of many of the larger funds," Blenko say. "Wetypically look at properties that offer us some opportunity to addvalue."

Haverford, whose investors are mainly institutions and high networth individuals, invested $2.6 million in equity financing,including funds for renovations and acquisition of a 116-unitapartment complex called Madison Woods in Sacramento, Calif., thatsold for $7.57 million.About $20 million of other equity andmezzanine capital deals are already in the pipeline and will closeby the end of the year, Blenko says. Haverford's new fund expectsto hold the properties for 18 months to three years, he says.