Capital formation

The duo has made a $64m structured equity investment in a Phoenix multifamily development.

BXMT reported positive investment and performance metrics, including an increase in performing loans and capital deployment in Q4 2025.

The $136bn system has invested in the San Francisco-based manager’s ACORE Credit Partners III and its series predecessor.

Robert Holuba will oversee the merged private real estate platform at the Pennsylvania manager while Dean Frankel will continue leading the public platform.

Apollo Commercial Real Estate Finance this week sold the residential- and office-heavy portfolio to Athene, its insurance arm. 

The debt platform, Infinite Global Capital Partners, will become an affiliate of L&L Infinite and is on track to do $1bn of new commercial real estate loans this year.

The $159bn retirement system currently has 15% of its portfolio allocated toward real estate, against a 17% target.

The Chicago-based manager is adding to existing optimism for residential and logistics sectors as the broader landscape enters another growth cycle.

The firm has hired Lisa Nordel as a managing director to bolster its underwriting, portfolio construction and institutional partnerships.

PERE Credit’s inaugural fundraising report finds North American real estate debt regained momentum in 2025, with greater clarity on interest rates helping unlock investor activity.