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The firm’s first investment vehicle following its acquisition by Morgan Stanley IM targets transitional amid market dislocation.
The firm is looking to grow its debt platform and recently hired Dean Dulchinos as head of debt portfolio management to oversee activity.
As this shift occurs, the firm is seeing more interest from investors who like the way debt looks when stacked up against an uncertain equity market.
It is rare for balance-sheet lenders to agree to forward commit to a project of this size given the market rate component of it.
Brookfield will transfer outstanding CMBS debt to the JV with the deal.
The polls will close at midnight on Friday, February 10, 2023 and the results will be revealed in April.
Charles Leitner has left the investment management business of CBRE after joining the New York-based manager only three years ago.
The Los Angeles-based duo originate fixed- and floating-rate loans of up to $100m on value-added properties.
The Newmark-arranged deal arrives as Comunidad preps impact credit platform launch.
The tax could be up to 2.8% for New York City.