Concerns over performance are keeping lenders on the sidelines for many hotels.
Underwriting office loans is more complicated than it used to be, with higher-quality properties seeing the most stability and demand.
From ample liquidity to an unpredictable office market, the pandemic is rewriting the distressed playbook.
The New York-based manager views the loan type as an effective hedge to its multifamily business.
The California-based asset manager sees a short-term window to acquire distressed loans secured by high-quality assets, with plans to do one or two of these deals each month.
The covid crisis has tempered issuance this year. But lenders are hopeful the market will revive as the US emerges from social restrictions imposed due to the pandemic.
The US federal programme, which expired in July, had helped to funnel international capital into commercial property financing deals in the country.
Steady, uninterrupted income for medical facilities throughout the pandemic is attracting foreign, domestic capital.
The firm aims to finance borrowers that are developing or redeveloping affordable rental apartments for tenants.
The firm's decision to originate the loan was driven largely by its long-term relationship with global sponsor Nuveen.