The manager is refinancing debt on its ARIA Resort & Casino and Vdara Hotel & Spa via a CMBS loan and a preferred equity sale.
Private real estate veteran Sonny Kalsi is to lead a growth strategy for Sun Life Capital Management, which aims to see its assets under management double to $600bn within five years.
The bulk of the deployment for Sculptor Real Estate Fund V has come via mezzanine debt and preferred equity investments, indicating how some opportunistic investors are mitigating risk.
Lenders are gravitating toward properties where limited supply and resilient rent growth continue to drive strong credit opportunities.
Americas head Brad Gries will assume the top job at the Chicago-based manager as incumbent chief executive Mark Gabbay transitions to executive chair.Â
The New York-based investment manager exceeded its target by more than 50%.
The asset class overlaps with the real estate and consumer sectors.
Eschewing long-held fee-reduction focus and limited private market allocation, state pension’s new direction includes interest in GP relationships in CRE mortgage space
The firm exceeded its initial target of $500m at final close and plans to originate senior, floating-rate loans through the strategy.
At PERE America Forum, optimism in US private credit grew on refinancing demand and rising interest in asset-based finance, though caution remains around Fed policy and housing uncertainty.