Samantha Rowan
The firm made an $89m preferred equity investment in a $534m portfolio.
The firm recently formed a programmatic joint venture with Ivanhoé Cambridge for middle market preferred equity deals.
The covid-19 pandemic has led to stronger relationships between well-capitalized borrowers and lenders.
Underwriting office loans is more complicated than it used to be, with higher-quality properties seeing the most stability and demand.
The New York-based manager views the loan type as an effective hedge to its multifamily business.
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The covid crisis has tempered issuance this year. But lenders are hopeful the market will revive as the US emerges from social restrictions imposed due to the pandemic.
The US federal programme, which expired in July, had helped to funnel international capital into commercial property financing deals in the country.
L&L Holding Company and Columbia Property Trust lined up $1.25bn of construction financing for their redevelopment of New York’s historic Terminal Warehouse from a blue-chip consortium.
The multifamily-focused vehicle, which had a $300m target, originates bridge loans, mezzanine debt and preferred equity on high-quality US properties.