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The firm is seeking to line up patient individual and institutional capital to target small balance loans on transitional assets.
Commercial real estate sponsors and lenders are looking at the language around transitioning derivatives contracts tied to the benchmark.
The deal is the largest year-to-date construction loan originated in the US.
A key driver of activity in the multifamily sector is support from Fannie Mae and Freddie Mac for stabilized and pre-stabilized assets.
The sector is being hit by rising interest rates and other trends also affecting the broader commercial real estate debt markets.
Goldman Sachs, US Bank, Franklin BSP executives anticipate more stress and higher debt costs.
Mezzanine debt lenders are seeing rising interest from senior lenders and sponsors to bridge the financing gaps for new and existing loans.
-80x80.jpg "Cain strikes deal to acquire $1.2bn New York-area loan portfolio from PacWest")
The sale comes after PacWest sold another substantial portfolio to Kennedy Wilson earlier this month.
The firm is using a tech-driven platform that allows it to more easily control how and when borrowers access capital.
Carlos Slim’s Banco Inbursa funded the senior mortgage.