Samantha Rowan
The firm has seen its pipeline in this area grow steadily for the past six months, says Larry Grantham, managing principal.
The Chicago-based manager has so far raised more than $185m for the fund, which will target subordinated debt positions.
The New York-based private credit manager believes the long-term destruction of value will present lending and recapitalization opportunities.
Higher interest rates and construction costs are making development more expensive, according to Coraly Rodriguez, partner.
The firm has consistently been seeing $1bn-$2bn of new loans coming through every month.
A group of lenders including Wells Fargo Bank, Bank of America and Deutsche Bank is providing a $620m acquisition commercial mortgage-backed securities loan.
The hire is part of a global push to expand its commercial real estate credit platform.
Institutional investors are at or near their allocations to commercial real estate, which is also having an impact on capital raising.
The firm incorporates the potential for natural disasters, like flooding or hailstorms, into its investment calculus as it seeks to invest.
An oversupply of industrial space built during the covid-19 pandemic is presenting opportunities for redeveloping larger spaces into smaller suites.