Shihao Feng
The property is the first luxury beachfront resort in Santa Cruz, California.
The sponsors acquired the property through a distressed commercial mortgage-backed securities loan.
The PERE Credit 100, which replaces three previous rankings, debuts at a pivotal time for fundraising in the asset class.
The portfolio includes more than 1,890 licensed beds in 14 facilities.
The transaction comes as the CRE CLO market is seeing robust origination momentum in 2026.
The New York-based manager re-ups on its trophy office asset stake in the Hudson Yards submarket.
Refinancing opportunities continue to dominate the lending market.
Fed chair Jerome Powell’s term ends in mid-May as his expected successor, Kevin Warsh, awaits Senate confirmation.
The firm has been a frequent lender on large-scale Florida developments.
The leading sector of the commercial mortgage-backed securities market also has its B side despite strong origination momentum.