LNR began as an operating unit within Lennar Corporation, a national homebuilder. In October 1997, Lennar spun off LNR as a separately traded public company to distinguish it from Lennar's homebuilding business and to maximize the respective values of its commercial property and homebuilding businesses. In February 2005, LNR was taken private by the Cerberus Companies, various entities controlled by Stuart Miller, and LNR's management. In 2010, LNR was recapitalized by a consortium of investors including Cerberus, Vornado, Oaktree, iStar, and Aozora. Since inception, LNR has consistently played a key leadership role in the origination or development of products that have become well-accepted and growing components of the commercial real estate financing market.