Five-property portfolio in Arizona comprises independent living, assisted living and memory care units for seniors.
The Miami-based national real estate lender also brought on an undisclosed wealth advisory firm in its first commitment of this kind.
The funding was arranged by Lone Star PACE and will be used to develop data centers in the Texas city.
The bottom line is that directionally, lenders and borrowers have more confidence in the Federal Reserve’s progress on inflation and a softening economic backdrop.
The funding will be used by Gencom as part of a $308m deal to buy the Thompson Central Park New York hotel.
The Chicago-based firm joins a growing list of managers targeting distress.
The consortium of borrowers includes German institutional investors, developer SHVO and Deutsche Finance America.
The Federal Reserve’s decision to cut interest rates by 50 basis points is not expected to have a significant impact on commercial real estate lending and borrowing.
The firm says scalability and sustainability are essential factors when it comes to underwriting where data is key.
The private equity manager is taking a minority stake in North Bridge as part of the deal.