Fundraising

The commercial real estate debt markets faced generational challenges in 2022. But there were bright spots of activity which will set the stage for a new cycle.

Capro Capital JV is targeting $500m for its first fund, launching with $100m of equity.

As managers and investors continue to struggle with liquidity issues, it is no longer business as usual for real estate recapitalizations.

The firm’s first investment vehicle following its acquisition by Morgan Stanley IM targets transitional amid market dislocation.

It is rare for balance-sheet lenders to agree to forward commit to a project of this size given the market rate component of it.

C-PACE financing continues to gain prominence at a time when capital stacks are finding more difficulty achieving their desired funding status.

Mezzanine Realty Partners Fund V closed on $210 million and will focus on mid-market lending opportunities.

A subsidiary of the Canada Pension Plan Investment Board committed more than $500m to the fund. 

The largest offerings include the $1.5bn Bridge Debt Strategies Fund IV and the $1.75bn Madison Realty Capital Debt IV.

 PGIM Real Estate, Regions Bank pros say 2023’s $6bn total rate cap reduction will be inconsequential.