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The firm wants to boost originations to about $1bn quarterly.
The lender is financing LendLease and Aware Super’s development on a downtown apartment tower.
Underwriting loans in the sector could become more difficult if wages aren’t commensurate with rent increases.
The move comes as more borrowers are turning to non-bank lenders.
The firm has closed a pair of loans that fit this profile, with a growing pipeline.
The firm has ambitious plans for its multifamily portfolio.
The firm also recently launched a commercial loan product targeting stable situations.
The firm made an $89m preferred equity investment in a $534m portfolio.
The firm recently formed a programmatic joint venture with Ivanhoé Cambridge for middle market preferred equity deals.
With the pandemic opening up secondary opportunities, the Los Angeles-based firm went on a performing loan buying spree for its $650m strategy.