alternative lenders

The Los Angeles-based manager is targeting $3bn for its Real Estate Debt Fund IV.

JLL arranged the financing for Five Star Development to finish the $2bn project development.

The opportunity is driven in part by what is going on in the debt markets, with financing more difficult to line up for sponsors than in years past. 

However, some institutions believe equity deals still are more attractive than debt investments in multiple respects.

Higher interest rates could also stall efforts to refinance maturing debt.

Cities including New York, Los Angeles, Portland, Seattle, Pittsburgh and Washington, DC, have adopted strategies that will move them toward a carbon-neutral future.

New York Life Insurance Company and MetLife Investment Management funded the loan. 

The New York-based lender has added exposure in Honolulu’s Ala Moana submarket with one of the largest deals signed so far in 2023.

Berkadia on tap as originator as California manager targets mixed income and other affordable housing asset types.

Blackstone's president and chief operating officer considers real estate debt to be ‘an area of growth' for the firm.