Anna-Marie Beal
The New York-based pension is increasing its allocation from $1.1bn to $1.3bn.
The US family office is hopeful that transaction activity will pick up in a lower rate environment.
The fund will focus on providing gap financing to borrowers in the multifamily sector.
The Fed’s recent rate cut is not expected to significantly move the needle for commercial real estate lenders and borrowers, but provides and indicator of stability.
The commitment represents a new relationship for the $11bn San Diego retirement system.
Five-property portfolio in Arizona comprises independent living, assisted living and memory care units for seniors.
The Miami-based national real estate lender also brought on an undisclosed wealth advisory firm in its first commitment of this kind.
The bottom line is that directionally, lenders and borrowers have more confidence in the Federal Reserve’s progress on inflation and a softening economic backdrop.
The consortium of borrowers includes German institutional investors, developer SHVO and Deutsche Finance America.
The firm says scalability and sustainability are essential factors when it comes to underwriting where data is key.