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The New York-based lender is funding the construction of a new 477-unit, Class A rental building with ground-floor retail.
Barings is taking a measured approach as the commercial real estate market takes the first steps toward a recovery.
Robert Neighoff, a portfolio manager at Mariner Investment Group, is tracking opportunity in new issue conduit and SASB paper.
The financing replaces an $85m acquisition loan originated in 2022 on an ultra-luxury condominium development in the Miami area.
Although originations are substantially below pre-pandemic levels, the market could be nearing a bottom.
The proposals' implementation is expected to prompt a major expansion in private credit providers’ lending platforms.
The New York-based manager has made more than $150m in preferred equity investments over the past five months.
Rebranded from Real Estate Capital USA, we are repositioning to be at the center of a shift toward private credit lenders.
The New York-based sponsor defaulted on a $70m CMBS loan on 25 West 45th Street, a historic office building near Grand Central.
The firm launched Andover Storage Lending this year in response to banks pulling back from their lending activity.