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This is the Washington-based company’s first ever credit-focused investment vehicle.
JLL Capital Markets arranged the $220m loan, of which about $65.8m is comprised of preferred equity. 
PERE Europe 2023
However, some institutions believe equity deals still are more attractive than debt investments in multiple respects.
New York skyline
The firm's global co-head of real estate says having $30bn of equity to deploy, at a time when debt is harder to get, is a ‘valuable asset.’
Lending and investment sales continue to be stymied by global economic volatility and the uncertain rate environment. 
The question of where values sit is hanging over the market, made harder to answer by a lack of trades.
Regional banks had stepped in to fill the void left by other lenders. Who will replace them if they stop lending, too?
As managers and investors continue to struggle with liquidity issues, it is no longer business as usual for real estate recapitalizations.
Austin Texas
New credit division open for partnerships to build capacity in Sunbelt and beyond.
Cars in traffic in Downtown Los Angeles at sunset.
The firm’s first investment vehicle following its acquisition by Morgan Stanley IM targets transitional amid market dislocation.

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