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The project, being developed by Ascendant Capital Partners, is in the city’s West Village submarket.
The pair of long-serving real estate pros arrive at a time where Criterion is ‘positioned for prolific growth,’ per founder Chuck Rosenzweig.
In this podcast, MSCI’s Jim Costello and Northwind’s Ran Eliasaf discuss softer headwinds for the office sector as well as the opportunity to lend on high-quality assets and perform office-to-residential conversion programs.
The California manager funded loans across New York, Washington, DC, Florida and Arizona through July and August.
The manager is seeing opportunity at a time when most lenders and investors are staying on the sidelines.
The firm has launched the strategy at a time when real estate financing ‘is a pretty broken market,' according to CEO Jon Winkelried.
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 Washington, DC-based firm’s chief executive was optimistic about both fundraising and deal activity in the asset class going forward.
The strategy arrives as the firm sees more industrial, construction and multifamily opportunities.