Anna-Marie Beal
The firm’s total construction lending this year tops $1.6bn.
The Irvine, California-based manager thinks the slowdown could be a sign of things to come.
Debt funds and other alternative managers see room to fill the void where banks have pulled back.
The funding is split into a $67.6m mezzanine loan and a $147.5m senior loan.
The borrower, Carter Multifamily, secured the floating-rate loans through Freddie Mac.
The speculative Somerville, Massachusetts development is scheduled for completion in 2024.
The firm’s newest financing spans two loans, including $93.5m to refinance a triple-net portfolio of 14 assets across nine states.
Market players struggle to see a positive recovery for the sector, but there is opportunity to be had for the right asset and location.
The Charlotte-based manager is seeing banks and other traditional lenders hesitate amid volatility, but it is confident in its ability to line up debt.
The manager is bullish about the sector, despite market headwinds.