Anna-Marie Beal
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.
The $11bn institution has invested in Sabal Debt Opportunities Fund III.
The $11bn pension fund will be launching searches for managers imminently.
The system has rebalanced its portfolio, increasing its private real estate debt target and decreasing that of its core real estate by 2% each way.
Tishman Speyer purchased 422 Fulton Street, a Brooklyn mixed-use property housing a Macy’s department store, in 2015.