QuadReal chief executive Dennis Lopez tells PERE Credit the firm only lends in sectors where it has operating platforms.
The New York-based investment management firm exceeds its initial target of $515m.
The debt will be used alongside an $88.4m C-PACE component to convert the vacant asset into a 30-story, 1,568-unit tower.
The vehicle’s $2.6bn final close came months before Brookfield agreed to buy the Los Angeles-based manager’s outstanding shares.
The mixed-use development at 205 Montague Street will be built on the site of the former Brooklyn Dodgers headquarters.
The fund’s loans can be non-recourse up to 65 percent, will be held on balance sheet.
In the year’s final episode of The PERE Podcast, the team breaks down the defining deals, shifting fundraising dynamics and key market trends of the last 12 months.
The Charleston-based manager’s latest credit opportunities strategy will function as a junior capital partner for the Nashville-based bank’s bridge loan pipeline.
The partnership will look at opportunities throughout the capital stack.
The New York-based manager’s global head of real estate says the firm still expects to double its AUM in the asset class over the next five years, despite the shocking death of co-CEO and former co-real estate head Joshua Pack.