Anna-Marie Beal
The firm is using a tech-driven platform that allows it to more easily control how and when borrowers access capital.
The firm retained some pre-payment flexibility.
The strategy will originate bridge loans on behalf of domestic and international institutional investors.
This is the Washington-based company’s first ever credit-focused investment vehicle.
Debt funds and alternative lenders step into the space left by banks, Real Estate Capital USA data shows.
JLL Capital Markets arranged the $220m loan, of which about $65.8m is comprised of preferred equity.
The firm expects to see a rise in portfolio and property recap opportunities over the next six to 18 months as traditional lenders pull back.
The borrower in the deal is American Lions, a joint venture between Fetner Properties and the Lions Group.
The global manager offers residential investors equity-like capital, lending around $40m per project.
New York Life Insurance Company and MetLife Investment Management funded the loan.