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Private credit manager picks up substantial exposure to New York City offices in the deal.
aerial view of Lower Manhattan. New York
The $424m deal is comprised of 11 multifamily bridge loans from the ACRE Credit I lending platform.
First mortgages with high LTVs were still being originated in the first half of 2022, but less so than during the same period last year.
The firm’s quarterly momentum index also shows CLO issuance was up $6.3bn in Q1 2022 compared with the same period last year.
Bain Capital is the latest manager to target non-performing real estate loans, a strategy that has been attractive to institutional investors.

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