Berkshire Residential Investments, Madison Realty Capital and FCP are among managers in the market with billion-dollar-plus debt funds.
Berkshire Residential Investments is targeting $3.5 billion for Berkshire Bridge Loan Investors-MF1 III, a multifamily debt-focused vehicle, while Madison Realty Capital is targeting $2.25 billion for its latest offering, Madison Realty Capital Debt Fund VI. FCP Realty and VWH Capital are each marketing vehicles with targets of $1.5 billion, according to data from Real Estate Capital USA.
Debt is expected to grow as a strategy for institutional investors, with a February report from Hodes Weill projecting that commercial real estate debt strategies will continue to gain traction among institutions. David Hodes, founder and co-managing partner of Hodes Weill, believes debt will be a key theme for the coming year – both for the yields available and because investors like the way debt looks when stacked up against a volatile equity market.
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