Churchill Real Estate, a New York-based commercial real estate lender, this week provided a $200 million financing facility for reAlpha that will allow the manager to expand its investment and development platform in the short-term rental market. Ackman-Ziff arranged the financing.
With the facility, San Francisco-based reAlpha will be able to accelerate its investments in STR properties and developments, with Mike Logozzo, the firm’s CFO, describing the financing as crucial to materially scale its portfolio.
“With the ability to leverage capital from one of the biggest financing facilities ever given to an STR real estate company, we will be positioned to launch our syndication platform more quickly than anticipated,” said Logozzo. “Moreover, having a single financing partner will help to further streamline the financing part of the acquisition process, reducing overhead significantly.”
In September, reAlpha appointed Jorge Aldecoa as president of reAlpha Homes to strengthen and refine its investment strategy.
Aldecoa, who was previously vice-president of Houston, Texas-based property leasing company Invitation Homes, is responsible for overseeing the company’s newly launched in-house brokerage, reAlpha Realty, which will represent and advise reAlpha on purchase and disposition decisions.