The Boerum / Hilton
Brooklyn, NY · GP and LP
The Fund
Class A+ investments start with Class A+ locations. We look past what an asset is today and build what it can become: a bold concept, a solid capital structure, disciplined execution.
What we buy
Multifamily, mixed-use and hospitality assets that underperform their market. Poor or vacant retail and F&B space is converted to credit-quality, high-end hospitality uses.
Why it works
A turned-around property gains new marquee status: lower turnover, higher rents and ADR, and cap rate compression.
Where we look
- Prime urban, lifestyle locations
- Demographic and job growth
- High walkability
- Pro-development cities
- 24/7 live-work-play districts
Invested
ChicagoNashvilleSavannahBrooklyn
Targeting
MiamiPhoenix / ScottsdaleDallas / AustinTampaRaleigh
5-year fund exit with two one-year extension options.
Advantages
100+ years of combined experience
Proven record
Since 2008: 29% overall IRR, 2.41× ROE, 4.1-year average exit.
Disciplined underwriting
In-depth, third-party, market-standard due diligence on every project.
Off-market deal flow
A 25+ year network and the credibility to close quickly.
Strategic focus
Underutilized assets with in-place income to mitigate risk and support IRR.
Lifestyle benefit
Investor-only VIP access to hospitality venues in LVR Funds assets.
Risk management
A diversified portfolio, professionally managed by LVR Funds or third-party firms.
Aligned structure
8% preferred, 12% hurdle, GP/LP waterfall, no junk fees, 5–7 year exit.
Transparency
Quarterly valuations, audited statements and an open door to the Co-Founders.
Allocation
The 65 / 35 strategy
Direct investments65%
Co-GP / LP35%
Direct investments
Cash flowing at acquisition, with LVR Funds retaining 100% ownership. A bespoke capital structure enhances returns without excessive risk exposure.
- Ownership
- 100%
- Target LTV
- ~70%
Co-GP / LP
Equity in larger, institutional-grade projects. As Co-GP, LVR Funds is active in every decision.
- Role
- Co-GP / LP
Investor Terms
An aligned investor waterfall
Distribution order · 5–7 year exit
8% preferred return
Class A members receive an 8% non-compounding annual return on invested capital.
Return of capital
Class A members receive 100% of contributed capital back.
Profits up to 12% hurdle
Class A pro rata; Class B is the general partners and management.
Class A 80%B 20%Profits above 12%
Class A pro rata, with a larger share to Class B.
Class A 60%Class B 40%
Delaware LLCs
All fund documents prepared in accordance with applicable laws and regulations.
Citrin Cooperman
Audited financial statements and K-1s generated by the accounting firm Citrin Cooperman.
Quarterly marks
Properties marked to market each quarter using industry-standard underwriting.
An experiential fund
Members-only access to select venues in our portfolio
At no cost to the Fund, investors receive members-only access to select hospitality venues in LVR Funds properties, in this fund and future funds: preferred access to sought-after restaurants, clubs and private venues, chosen by our team and run by the industry's best operators.
LVR Funds does not invest in or operate any of the hospitality tenants in the Funds.
Track Record
17 years. 17 properties.
$772MGross assets
17Properties
533Apartment units
532Rooms in four 5-star hotels
60K+Sq. ft. retail & restaurant
Portfolio
Selected work, Logan Ventures funds
Perry Lane Hotel
Savannah, GA · Co-GP and LP
Drayton Tower
Savannah, GA · GP
1111 Church
Nashville, TN · Co-GP
The Ann Savannah
Savannah, GA · Co-GP
6535 N. Lincoln
Lincolnwood, IL · Direct, 100% owned
Pipeline
Prospective investments
33.84° N 84.38° WAtlanta, GA · Co-GP
Buckhead Village
25.81° N 80.12° WMiami (Mid) Beach, FL
Mid-Beach boutique hotel
41.92° N 87.65° WLincoln Park, Chicago
Lincoln Park assemblage
Market
The reset is creating the entry point
About $1.4 trillion in CRE loans come due in the next two years. Rising delinquencies and volatile rates create a favorable buying environment for investors with capital, no legacy overhang and operating expertise. Our focus is supported by ULI and CBRE research and our own analysis.
$1.4TCRE loans due within two years
$1.1TCRE loans maturing in 2025
$20B+Currently delinquent
30–45%Potential price discounts
Sector outlook
| Multifamily | Transaction volume up 28% in 2025; rents rising 5–7% in target markets; continued Sunbelt migration |
| Retail | Vacancy near 4.3%, lowest of major sectors; pricing up 13.4% YoY |
| Hospitality, urban | Major hubs at 93.5% of pre-pandemic occupancy; strong demand for trophy assets |
| Hospitality, debt | $48B CMBS maturity wave in 2025–2026; ~7% refinancing costs forcing sales |
CRE delinquency, Q1 2026
| Segment | Rate | vs. ~Q1 2025 |
|---|---|---|
| CMBS (30+ days / REO) | 6.8–7.1% | +0.4–0.7 |
| Commercial banks (30+) | 1.72% | from 1.65% Q4 |
| Banks & savings (90+) | 1.34% | +0.03 QoQ |
| Fannie Mae (60+) | 0.70% | +0.05–0.07 |
| Freddie Mac (60+) | 0.52% | +0.05–0.06 |
| Life insurance cos. | 0.52% | +0.03–0.05 |
Approximate figures; changes in percentage points.
Leadership
Team
Co-Founder | Managing Partner
Peter Smolenski
- 35+ years in CRE fund creation and management: joint ventures, capital formation, acquisitions, asset management.
- Founder of Logan Ventures, managing $740M+ in gross assets at 29% IRRs and 2.4×+ ROI.
- Former Managing Director at Shelbourne Development Group (U.S. operations, the Chicago Spire) and GMAC Commercial Mortgage ($3B+ structured; top 1% of producers).
- Former Chairman and President, Illinois Mortgage Bankers Association; founding member of The Clayton; Alderman Hopkins' Business Advisory Committee.
pete@lvrfunds.comLinkedIn →
Co-Founder | Managing Partner
Juan Carlos Gomez
- 15+ years in commercial real estate marketing, consulting and business brokerage.
- CEO of Kudan Group, Inc., a Chicago hospitality and CRE brokerage with 25+ years of history and thousands of retail and hospitality transactions.
- Founder of KG Incubator, where hospitality operators test food, beverage and entertainment concepts.
- Consultant on hospitality development feasibility and business acquisitions.
- James Beard Foundation patron; member of the Chicago Loop Alliance, Illinois and National Restaurant Associations, and ICSC.
juancarlos@lvrfunds.comkudangroup.com →
General Partner
Garrett Kelleher
- Founder and Executive Chairman of Shelbourne Development; multi-billion-euro development experience across the U.S. and Europe.
- Developer of the Chicago Spire, the ~$1B+ Santiago Calatrava tower; acquired and recapitalized the site when prior developers could not finance it.
- Over €2.5B of development transactions across the U.S., Ireland, UK, France and Belgium.
- Partner to Mr. Smolenski for more than 35 years. Executive Chairman of St Patrick's Athletic.
garrett.kelleher@shelbournedevelopment.com+353 1 5548 998 · Dublin
General Partner
Regiment Securities
- FINRA-registered investment bank and broker-dealer providing institutional distribution across HNW and family office channels.
- Co-leads the capital raise; advises on structuring, positioning and investor alignment.
- Private placements, capital introduction, M&A, recapitalizations and joint ventures.
- Broker-dealer, RIA and capital advisory networks, on a regulated platform that extends reach beyond LVR Funds' own network.
In-House Counsel
Monica Palermo
20+ years advising business owners, hospitality operators, developers and entrepreneurs.
Practice areas
Corporate structuring, M&A, licensing, commercial contracts, compliance, private capital raises, data privacy and IP.
At LVR Funds
Leads formation, governance, licensing, CRE contracts and M&A, and supports lending and finance transactions.
Investor inquiries
Talk with the Co-Founders
Minimum investment is $500,000. Offers are made only through the confidential Private Placement Memorandum and Company Disclosure Document. Contact us to request offering materials.
Peter Smolenski
Co-Founder | Managing Partner
pete@lvrfunds.com
Juan Carlos Gomez
Co-Founder | Managing Partner
juancarlos@lvrfunds.com
US Office
444 W. Lake St., Ste. 1700Chicago, IL 60606
Ireland Office
30 Kildare St.Dublin 2, Ireland
+353 1 554 8998