Many of the larger foreign investors with sufficient capital are interested in direct investments or co-investments with U.S. strategic partners. Regardless of the type of joint venture vehicle used, the foreign investor typically wants to be the majority partner with control over major decisions, allowing its U.S. strategic partner to have day-to-day operational control and responsibility, including the right to earn arm’s-length fees for necessary services including property management and leasing services. For cash-strapped U.S. property owners that may be faced with looming debt maturities, cutting a 90/10 or a similar deal with a foreign investor that will allow the U.S. partner to retain some ownership, earn leasing and management fees, and also have a profit participation based upon a typical waterfall distribution can literally save the day. Of course, many foreign investors might look to negotiate with lenders on such deals to acquire the debt, based on a loan-to-own strategy.