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The Minneapolis-based manager originated the funding for a joint venture between Metro Storage and Fremont Realty Capital.
Closings are ticking up as borrowers re-enter the market, but wider activity is still tempered.
The fund from the Irvine, California-based manager comes at a time when lenders are rolling out more focused strategies.
Market participants see increased competition for institutional-quality assets as private credit lenders look to increase their niche exposure.
The structural shifts in the market are changing the way capital is deployed into different property types and locations.
RV ownership has risen by more than 60% in the past two decades and the park sector is still heavily fragmented.
Negative leverage is becoming more pervasive – but it is also providing borrowers with a lifeline for a brighter day.
The Boston-based manager’s head of research cites higher borrowing costs as a continued concern for the market.
Market specialist Malcolm Davies at WAY Capital believes there is a need for more pragmatism and creativity around office conversion projects.
The firm is looking to grow its debt platform and recently hired Dean Dulchinos as head of debt portfolio management to oversee activity.