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The investment comes as the firm is carving out a niche in originating preferred equity to finance large-scale portfolio acquisitions.
The firm is also looking at more platform-level acquisitions.
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.