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Alternative lenders
Christophe Murciani left Luxembourg-based Sienna Investment Managers in October.
The firm believes investors expect ‘higher for longer’ interest rates, meaning debt in the immediate term is a more defensive strategy.
Debt providers see a convergence of lending criteria between alternative and traditional assets.
Speaking at CREFC Europe’s London event, real estate debt specialists outlined the continued impact of higher rates on loan deals.
The financing will fund part of a £250m regeneration scheme.
The private equity firm has sourced debt from three lenders for its Generator Group, in one of the largest financing deals of the year so far.
It was anticipated a wide range of real estate finance providers would help to quickly resolve the refinancing crisis but liquidity is not the issue.
The strategy is the second-largest in the Los Angeles-based firm’s real assets business after US real estate equity.
The manager has provided the loan to a JV between US firm Hines and family business the Peterson Group.
The lender, which is financing two developments in Milan, sees strong demand for build-to-sell housing in the country.