Anna-Marie Beal
The Seattle manager this week originated its first mezzanine loans.
The vehicle, which marks the sixth iteration of its debt fund series, approaches $1bn in commitments.
The firm’s total construction lending this year tops $1.6bn.
The Irvine, California-based manager thinks the slowdown could be a sign of things to come.
Debt funds and other alternative managers see room to fill the void where banks have pulled back.
The funding is split into a $67.6m mezzanine loan and a $147.5m senior loan.
The borrower, Carter Multifamily, secured the floating-rate loans through Freddie Mac.
The speculative Somerville, Massachusetts development is scheduled for completion in 2024.
The firm’s newest financing spans two loans, including $93.5m to refinance a triple-net portfolio of 14 assets across nine states.
Market players struggle to see a positive recovery for the sector, but there is opportunity to be had for the right asset and location.