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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.
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%.
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.
The most significant commercial property financing transactions across US debt markets, collected in our data snapshot, updated every Tuesday.
The credit facility, provided by the firm’s Urban Investment Group, is comprised of agency, construction and bridge loans.Â
A special use case is emerging for residential-focused bridge lenders.