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Joel Pecoy replaces Danielle D’Ambrosio in overseeing the Charlotte-based manager’s $25bn real estate debt portfolio.
The New York-based pension is increasing its allocation from $1.1bn to $1.3bn.
Pivoting between equity and debt opportunities, Kayne Anderson Real Estate’s all-weather relative value approach is helping the firm navigate an uncertain market, says chief investment officer David Selznick.
Most assets need an additional 15-20% in reserves to address refinancing issues, according to the advisory firm’s co-founder.
The executives will be the New York-based asset manager's first dedicated heads of real estate since Marcus Sperber departed in 2019.
The structural shifts in the market are changing the way capital is deployed into different property types and locations.
The Boston-based manager looks to focus on this area of the market through its Taurus Capital Solutions platform.
Northwestern Mutual funded the loan.
The speculative Somerville, Massachusetts development is scheduled for completion in 2024.
The mortgage REIT in May upsized its revolving credit facility from $45m to $65m.