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The strategy will originate bridge loans on behalf of domestic and international institutional investors.
This is the Washington-based company’s first ever credit-focused investment vehicle.
JLL Capital Markets arranged the $220m loan, of which about $65.8m is comprised of preferred equity.
The firm expects to see a rise in portfolio and property recap opportunities over the next six to 18 months as traditional lenders pull back.
The global manager offers residential investors equity-like capital, lending around $40m per project.
Paradigm Advisory Group, formed by Raymond Chalme and Daniel Blanco, aims to help lenders and borrowers stabilize the value of New York’s office and residential assets.
The industry veteran is joining the New York-based credit shop as it closes its first institutional private fund.
Market specialist Malcolm Davies at WAY Capital believes there is a need for more pragmatism and creativity around office conversion projects.
The firm is moving ahead despite volatility in the global financial markets.
The Boston-based investor and developer launched its credit platform late 2022.