Opportunistic

The New York-based manager also is raising a targeted $1.5bn US and European real estate debt fund.

The city was hit hard by the covid-19 pandemic but is rebounding as occupancy and origination conviction is restored.

Private real estate credit managers seeking to diversify their investments in alternative sectors are primed for more in the industrial sub-category.

The funding is part of a $269m recapitalization for BFC and SAA Canopy’s planned 393-unit rebuild of Parkside Commons.

The $8.9bn pension aims to commit $15m-$30m to real estate credit in 2026.

Josh Scoville, global head of research at the Houston-based manager, sees a more resilient outlook for the sector.

The managers will be using a blend of senior debt and C-PACE capital to revitalize Reef Capital Partners’ 32-acre Coco Palms Resort in Kuaui.

The New York-based lender originated its first office-to-residential conversion financing alongside a mixed-use condominium and hotel development deal.

The revitalization of dated hospitality assets has found renewed life and capital from debt fund managers.

The firm is adding to its New York City conversion tally with 1740 Broadway’s reconfiguration into a 420-unit residential offering.