Randy Plavajka
The real estate credit lending arm of Naftali Group will target $1bn in capital commitments following a $302m raise for its prior installment.
As construction financing demand returns, real estate private credit managers are picking their niches by location and type of project.
Fannie Mae and Freddie Mac have been steadfast sources of US market liquidity alongside private lenders as borrowing pressures rise.
The specialist firm will funnel capital from Ares Alternative Credit funds toward $40m-$50m loans with an average LTV of about 35%.
The firm originated the loan through Blackstone Real Estate Debt Strategies for 46 industrial outdoor storage properties across 15 states.
The firm’s $223m anchor loan to revitalize the former Cal Neva Hotel in Lake Tahoe, Nevada, signals an effort to return the storied property from road bumps to another heyday.
The partners plan to deploy over the next three years across the New York Tri-State area with a focus on residential and hospitality opportunities.
Realberry, Kor Real Estate Partners and Proper Hospitality will use the funding and a $75m Banc of California senior loan to redevelop the Cal Neva Hotel.
Regional and national bank lenders are making a welcome return to commercial real estate financing.
Mike Droege and Jeff Kert outline the firm’s plan to invest in more than $10bn of newly originated, performing US non-agency mortgage loans.