debt

Miami manager will allocate $175m toward providing debt financing for value-add and distressed opportunities.

Continued lack of liquidity in banking system leaves private credit lenders to fill financing gaps.

The acquisitions are part of the firm’s focus on workforce housing. 

Specialist lenders are gearing up for distress in various ways, such as creating short-term structured credit platforms to originate mezzanine debt or preferred equity.

The largest fund closed in 2023 to date is Marathon Secured Private Strategies Fund III, which had $1.7bn raised.

Over the long-term, the firm hopes to have half of its portfolio in the US and other developed markets.

Pennyslyvania Public School Employee's Retirement System have made the second largest investor commitment so far this year, with $200bn committed to the PIMCO Commercial Real Estate Debt Fund II as of September 5.

The Newport Beach-based manager has closed its second property credit fund on $3bn, more than double the size of its predecessor.

The manager expects high interest rates and lower deal volumes to restrict broader CLO market comeback.

The transaction market remains stymied by a wide gap between buyers and sellers.