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Specialist lenders
Lesley Davison previously spent 14 years as director of banking and treasury at the firm.
The UK property firm aims to provide 12- to 36-month loans of above £10m.
The US firm has written its first loan in the country, in partnership with Swiss manager Patrimonium.
As it deploys its $950m special situations fund, King Street has so far found most opportunity in debt, says co-head of real estate Paul Brennan.
The small- to medium-ticket lending platform was launched this month by the M7 co-founder.
The manager’s seeding of Evermill, a secure income lending platform, signals Delancey is continuing to diversify its strategy.
The specialist lender is backing a London residential scheme being developed by SevenCapital and MARK.
Providers of loan-on-loan finance are pricing in higher interest rates.
The alternative asset manager said investing in the UK specialist lender will accelerate its growth ambitions.
The London-based alternative lender has closed its largest commercial real estate debt fund yet and will target £1bn of lending in the next three years.