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This is the Washington-based company’s first ever credit-focused investment vehicle.
Debt funds and alternative lenders step into the space left by banks, Real Estate Capital USA data shows.
JLL Capital Markets arranged the $220m loan, of which about $65.8m is comprised of preferred equity.
The firm expects to see a rise in portfolio and property recap opportunities over the next six to 18 months as traditional lenders pull back.
The borrower in the deal is American Lions, a joint venture between Fetner Properties and the Lions Group.
The global manager offers residential investors equity-like capital, lending around $40m per project.
New York Life Insurance Company and MetLife Investment Management funded the loan.
The platform aims to provide senior debt solutions for borrowers focusing on transitional properties in key growth markets.
The New York company also sees a longer road to recovery for the city's CRE market.
Paradigm Advisory Group, formed by Raymond Chalme and Daniel Blanco, aims to help lenders and borrowers stabilize the value of New York’s office and residential assets.