California

LACERA’s real estate head departs after two years

Terri Herubin was charged with overseeing a major restructuring of the California pension plan’s property portfolio.

Madison Realty funds $375m loan for Jersey City mixed-use tower construction

The New York-based manager has tracked nearly $1.03bn in originations over the past two weeks across hotel, multifamily and office-to-residential deals.

Madison Realty funds $115m refinancing for Santa Cruz resort

The property is the first luxury beachfront resort in Santa Cruz, California.

Lone Star-led JV lands $122.65m in bridge loan for 600 California Street

The sponsors acquired the property through a distressed commercial mortgage-backed securities loan.

Northwind makes Los Angeles office debut via $132m financing

The loan was originated through Northwind Debt Fund III, the firm’s flagship closed-end credit vehicle.

Affinius closes $120m refi for San Diego multifamily mid-rise

The San Antonio-based manager continues its active 2026 lending pace with the backing of a 302-unit asset on behalf of AAA Management.

Bay Area sees rise in deeds-in-lieu sale as lenders move on distressed assets 

Potential investors see a brighter future for distressed properties as rental rates rise and job growth accelerates.

Ares’ SoCal retail trophy financing demonstrates private credit expansion

The Los Angeles-based manager picks up exposure to the kind of hard-to-replicate asset that previously was most often financed by bank lenders and the securitized market.

Ares funds $447m acquisition loan for SoCal retail trophy

A sponsor group including Redwood West, Panattoni and Prime purchased Victoria Gardens from Brookfield Properties and QIC in a $530 million deal.