[ad_1]
KDM Financial is launching a $350 million fund to provide bridge financing for recently completed multifamily projects and purchase distressed properties. genuine Have learned.
This is the Coral Gables-based financial company’s first fund, said KDM CEO Holly McDonald Coase. TRD. And it joins a wave of real estate funds that have been launched or completed in recent months.
“Previously, you had to invest in one of our individual loans,” MacDonald-Coase said. “Now you can invest in our business model. We have a long history as a CRE lender. This will be an evergreen fund that will be flexible as the market changes.”
KDM aims to close its first round of funding by the end of the first quarter, McDonald-Kors said. She added that her company wants to take advantage of the current state of the lending environment.
“The rise in interest rates and the withdrawal of banks coincided.” [means] There are a lot of opportunities for private lenders,” said MacDonald-Coase. “There are a lot of multifamily projects that are overdue for construction and are struggling to refinance in this environment. We think there’s a lot of opportunity in this area.”
KDM will provide loans ranging from $5 million to $45 million, with a focus on multifamily projects in the central and southeastern United States, McDonald-Korse said.
Her company also plans to set aside some of its investment funds to acquire distressed commercial properties.
“The commercial real estate market is in turmoil right now,” said MacDonald-Korse. “If the opportunity presents itself, this discretionary capital will allow us to execute the transaction. It depends on the location, the level of discount available, and the potential business plan to turn the property around.”
Founded in 2006, KDM is a mid-market commercial mortgage lender that provides loans from $5 million to $100 million for multifamily, office and retail projects, according to the company’s website.
Several South Florida development and real estate investment companies have begun or completed fundraising in recent months. In November, a partnership between Miami-based Eagle Property and Mexico City-based Promecap completed a $309 million raise for an investment fund targeting multifamily properties in Sunbelt states.
The fund, established in 2021, will be used to provide capital for approximately $883 million in acquisitions of apartment complexes, buildings and communities.
In October, Miami-based Highline Real Estate Capital launched a $350 million investment fund targeting distressed commercial property owners in the Southeast. The fund provides equity and debt financing to commercial real estate owners who are struggling to sell or raise capital for office, retail, multifamily, and industrial properties, or to acquire real estate.
Participant Capital, a real estate investment firm founded and led by developer Dan Kosi, launched a $250 million equity fund in May that will focus primarily on multifamily developments in Florida’s Sunbelt region. did. And in February, Arnaud Carsenti, head of Miami-based 13th Floor Investments, launched a $300 million real estate fund targeting growth markets across the country and challenging opportunities such as South Florida.
[ad_2]
Source link
