Home Debt
debt
The bank wants to work with developers who have a broader vision for community development.
The company is seeing more conventional lenders entering the market.
The advisory’s parent company Black Bear Asset Management also made a preferred equity investment.
The investment comes as the firm is carving out a niche in originating preferred equity to finance large-scale portfolio acquisitions.
The firm's model is to bring borrowers directly to lenders for a flat fee.
Banks are finding willing buyers in investors seeking higher-yielding assets.
The balance sheet lender has no plans to securitize its loans.
The firm is also looking at more platform-level acquisitions.
The firm entered the Chicago market this year, originating a $117m loan for LendLease and Super Aware.
The firm wants to boost originations to about $1bn quarterly.