The opportunity is driven in part by what is going on in the debt markets, with financing more difficult to line up for sponsors than in years past.
However, some institutions believe equity deals still are more attractive than debt investments in multiple respects.
While there is financing broadly available, not every project will find it available at a level that is comfortable for its existing owner.
The residential property is in Cherry Hill, New Jersey.
The borrower in the deal is American Lions, a joint venture between Fetner Properties and the Lions Group.
Higher interest rates could also stall efforts to refinance maturing debt.
Federal Reserve chair Jerome Powell also indicated a wait-and-see approach to future increases.
The global manager offers residential investors equity-like capital, lending around $40m per project.
Cities including New York, Los Angeles, Portland, Seattle, Pittsburgh and Washington, DC, have adopted strategies that will move them toward a carbon-neutral future.
The firm detailed in a report its Q2 outlook and long-term view of the commercial real market’s return focus.