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The New York firm has raised the largest dedicated US debt vehicle since the beginning of the pandemic.
As institutional allocations to real estate have grown, Hodes Weill is seeing more focus on the underlying credit risk in some of the strategies being marketed to investors.
The Toronto-based firm has attracted $4bn in commitments from more than 50 investors for Brookfield Real Estate Finance Fund VI, twice as much as the second-biggest debt fund.
The investment comes as the firm is carving out a niche in originating preferred equity to finance large-scale portfolio acquisitions.
The firm’s multifamily debt funds topped $3bn this year.
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The multifamily-focused vehicle, which had a $300m target, originates bridge loans, mezzanine debt and preferred equity on high-quality US properties.
The Miami Beach-based private investment firm will be the third private real estate manager to amass double-digit billions for a single property fund.
Large pools of capital have been raised for distressed strategies, but thanks to government support schemes, finding a home for it is proving a challenge.
The strategy makes up almost half of the private real estate capital raised in the region, the highest proportion recorded since 2016.
The New York-based firm’s latest vehicle is effectively a non-traded REIT within a 1940 Act wrapper, but the wrapper is where the innovation lies.
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