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alternative lenders
Andrew Allen was appointed global chief investment officer at the London-based manager following Kiran Patel’s retirement last month.
The manager has acquired performing loans from the German bank in a landmark transaction.
The refinancing came as a package of senior loan and mezzanine debt.
The New York-based manager aims to tap into credit opportunities arising outside of the US.
The loan comes as lenders see a niche to provide financing to help sponsors complete projects.
Closings are ticking up as borrowers re-enter the market, but wider activity is still tempered.
West Street Real Estate Credit Partners IV will have more than $7bn of lending capacity.
The Paris-based bank is seeking to increase financing options for alternative lenders.
It is taking longer for deals to get done – and market participants do not expect that to change anytime soon.
The firm's global head of real estate Ralph Rosenberg raises the question of whether the sector is in for a near-term period of significant defaults.