multifamily

The firm reached its hard-cap for BSP Real Estate Opportunistic Debt Fund II with 29 months of time logged fundraising on the road.

Fund managers have largely focused on developing purpose-built single-family properties in recent years rather than buying existing assets.  

The venture will fund loans ranging from $10m-$75m with terms between six to 36 months to help finance assets being acquired, refinanced or prepared for long-term takeouts.

The funding will be used by Rilea Group alongside a $25m senior loan from ABANCA USA to build the 300-unit Mohawk at Wynwood.

The opportunity set is driven in part by an estimated $936bn of loans slated to mature in 2026. 

Our proprietary database on commercial real estate lending tracked $106.26bn in total loan origination through early December, reflecting roughly one-fifth of activity.

The mixed-use development at 205 Montague Street will be built on the site of the former Brooklyn Dodgers headquarters.

The fund’s loans can be non-recourse up to 65 percent, will be held on balance sheet.

The Charleston-based manager’s latest credit opportunities strategy will function as a junior capital partner for the Nashville-based bank’s bridge loan pipeline.

The firm worked with Breslin Realty and Fields Grade Development to refinance debt on a multifamily property in New York.