Gryphon Real Estate Capital Partners and CarVal Investors set up a $ 1 billion (€ 848.7 million) multi-family real estate lending venture in the United States.
The companies say the Gryphon-CarVal multi-family lending program already has closed or signed terms for multi-family loans worth more than $ 150 million, with $ 1 billion or more planned for the next two years.
The venture, set up to provide multi-family senior bridging loans in the primary and secondary markets, will target loans ranging from US $ 20 million to US $ 75 million at competitive market prices.
The companies said that loan servicing and asset management would be retained by the joint venture.
Gryphon and CarVal will target sponsors focused on either value-added or rental strategies.
Seth Cohen, CEO of CarVal Investors with global portfolio management responsibilities, said: “We believe this is the right time to enter the multi-family bridge loan market. Our partnership with Gryphon is based on our shared vision that there is a long-term need for middle-income housing, especially in the growing US markets. ”
Paul Mullani, Managing Director of CarVal Investors Real Estate North America, said: “Gryphon has built a data-driven institutional platform with extensive experience in multi-family lending that aligns well with CarVal’s investment strategy.”
Angelo LoBosco, Managing Partner at Gryphon Real Estate Capital Partners, said: “We are delighted to join forces with CarVal as we are launching this well-capitalized and synergistic venture. We look forward to creating the Gryphon-CarVal platform by successfully implementing our investment strategy. ”
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