Debt

Ali Otmar of Tristan Capital Partners and Ben Eppley of Apollo Global Management discuss the transaction, which Otmar says required the ‘extreme end of flexibility.’

Large pools of capital have been raised for distressed strategies, but thanks to government support schemes, finding a home for it is proving a challenge.

The French manager will add high-yield lending to its repertoire as it aims to double the holdings of the newly combined platform.

Property finance veteran Natalie Howard is building a new credit business. She tells us why organisations like Schroders are the ‘natural fillers’ of real estate’s funding gap.

Market sources say non-bank lenders dominate the financing of such schemes as they look for returns in parts of the market underserved by traditional banks.

Following his firm’s acquisition of the debt manager, the global chief executive sees huge potential in credit strategies as banks retrench from real estate.

The $207bn global alternative asset manager’s US real estate debt platform made up the largest share of its AUM in the asset class.

With the pandemic opening up secondary opportunities, the Los Angeles-based firm went on a performing loan buying spree for its $650m strategy.

In PERE’s debt roundtable, ARA Venn, CBRE Global Investors, Invesco Real Estate and Madison Realty Capital appraise the post-pandemic opportunities for loan origination in the US and Europe.

Commercial real estate debt returns improve relative to other asset classes during periods of crisis and sustained economic uncertainty, says Wayne Lasky, co-founder and managing director of MaxCap Group.