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K-LOC Index: Tracking loans of concern through March 2025

The index was at 26.2% in March, compared with 25.34% in February and 25.51% in January.

558 West Broad Street: Head of the (asset) class

Mesa West Capital recently funded a $134m loan to refinance debt on the new student housing complex.

Investor watch: Senior debt-focused strategies lead the way

The Connecticut Retirement Plans alone made $200 million of commitments targeting subordinate debt through mid-May.

Capital watch: Fundraising hits $3.8bn in Q1 2025

Blackstone raised the most during the period, hitting their target of $8 billion.

Debt funds regroup after whirlwind first quarter

Industry participants say more allocators are turning to real estate credit as a way to stabilize portfolios in response to the volatility of recent months.

Latest wave of real estate credit funds show an evolving strategy

In the strategies debuting between January and May, established managers sought to expand existing platforms with senior and subordinated debt offerings.

Urban Standard maps $1bn mid-market lending expansion

The firm is targeting loans of $10m-$75m, a level it believes is below the radar of the bigger institutional managers.

Download the June/July 2025 issue of PERE Credit

Inside: The CMBS market is showing signs of a market recovery – what will happen next?; Plus, the PERE Credit 50 – our ranking of the industry’s biggest fundraisers; And what is your favorite sector and biggest fear? PERE Credit surveys senior executives for their take on the market…

Incumbent advantage still at play for the PERE Credit 50

A difficult fundraising environment had the biggest impact on up-and-coming managers while established firms expanded.