RE Debt Fund Strategies

It seems like most debt funds' playbooks consists of mezz, originating a whole note and selling off the A, and construction loans (all of which seem pretty basic).

What are some more complex / creative strategies that debt funds employ? I think I've seen investor decks that highlight investment returns of high teens / low 20s IRRs, which doesn't seem possible solely from the strategies above.

I.e. what is it that real estate "special situations" funds do?

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