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NEW YORK CITY-Locally based hedge fund Perry Capital is getting into the real estate business. Robert Stern and Andrew Isikoff have joined the firm to form Perry Real Estate Partners, an opportunistic real estate investment vehicle. In an exclusive GlobeSt.com interview, the principals, both Blackacre Capital Management alums, explain the new entity’s strategy and goals.

“We are going to be stressing the formation of alliances with partners around the country who are the top developers and operators in their given markets and who have been on the lookout for capital,” Isikoff tells GlobeSt.com. “We want to be their first call every time they find a deal worth looking at. We’re going to achieve this by providing capital on a timely basis and becoming a value-add partner as opposed to just a checkbook.

Officially in business since July 15, the firm will invest in distressed debt and securities, provide mezzanine and bridge financing, and make equity investments in real estate assets throughout the US “on all types of properties in all locales,” Stern says. While the new venture is starting off with no new business on its books, Stern says the pair’s combined experience and contacts should help get the ball rolling.

“We have a background in opportunistic investing, having come from our former shop,” Stern notes. “And over the course of our careers we have developed a variety of sources among developers, brokers, lenders, attorneys, etc., from whom we hope to get out our message.”

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