Randy Plavajka
PGIM Real Estate wants to further scale its lending platform. But the firm does not want to be all things to all borrowers.
The New York-based alternative investment manager picks up more real estate debt and equity capabilities as part of $450m deal.
The Minneapolis-based manager originated the funding for a joint venture between Metro Storage and Fremont Realty Capital.
The co-architect of the Toronto-based manager’s real estate credit platform, Andrea Balkan, is departing after 22 years with the firm.
The firm hired Needham Point Capital co-founders Jeremy Burton and Tristine Lim to lead Blue Light Credit.
BXMT borrowers will be able to use agency financing through M&T’s Fannie Mae and Freddie Mac platforms.
The proposals' implementation is expected to prompt a major expansion in private credit providers’ lending platforms.
The New York-based manager has raised $1.3 billion for C-PACE lending series over the past 12 months, backed by appetite from insurance companies.
The alternative management arm’s largest-ever fundraise arrives at a critical time for private credit and bank lenders in the real estate market.
The bridge loan was arranged by Gortikov Capital and will be used by AMCAL to recapitalize a Woodland Hills, California, property.