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Bank regulatory requirements and borrower tax implications are preventing resolution for stressed loans.
The firm sees a clear opportunity to expand its platform as banks scale back their commercial real estate lending platforms.
The project, being developed by Ascendant Capital Partners, is in the city’s West Village submarket.
Joel Pecoy replaces Danielle D’Ambrosio in overseeing the Charlotte-based manager’s $25bn real estate debt portfolio.
The firm raised approximately $1.2bn for CRED III, which is already over 40% deployed.
The Los Angeles-based firm sees the sector as a strong area for growth.
The US national debt is a macroeconomic issue, one that may not touch the lives of commercial real estate lenders and borrowers on a day-to-day basis.
Empira's investment strategies include European residential, US residential, transition-to-green and real estate credit.
It is likely to be sector- and market-specific.
The New York-based manager will focus on large-balance loans through the fund, including bridge and construction deals in the mid-market.