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Senior debt
The newly-launched fund, which is already being deployed, is issuing loans of between €25m and €75m.
Collaboration between the US alternative lender and the Munich-area-headquartered bank signals innovation in European commercial real estate lending.
The manager says alternative debt providers are increasingly competitive against domestic lenders.
Cautious senior and junior lenders are carefully selecting when to extend maturities, while sponsors are being equally careful in selecting when best to inject equity into deals, to avoid throwing good money after bad, says First Growth’s Francesca Galante.
The insurer has secured an 11th-hour extension to a securitised loan after agreeing to provide equity as part of a refinancing package.
The political crisis following an unexpected election will deter investors for now, say market participants.
Most lenders surveyed by the consultant say they will increase origination this year.
As borrowers increasingly seek whole loans, senior funds are more difficult to deploy, according to the manager’s head of commercial debt funds.
The manager says the additional capital provides it with £1.3bn in available capital.
Former Mark Capital executive assembles team of six at new firm Akkord to meet demand for help with problem assets.