Gryphon Real Estate Capital Partners and CarVal Investors have created a $1bn (€848.7m) US multifamily real estate loan venture.
The Gryphon-CarVal Multifamily Loan Program already has over $150m multifamily loans closed or under a signed term sheet, with a plan to deploy $1bn or more over the next two years, the companies said.
The venture – formed to originate multifamily senior bridge loans in primary and secondary markets – will target loans range from $20m to $75m with competitive market pricing.
Loan servicing and asset management will be retained by the joint venture, the companies said.
Gryphon and CarVal will target sponsors focused on either value-add or lease-up strategies.
Seth Cohen, a principal for CarVal Investors responsible for managing loan portfolio investments globally, said: “We believe this is a compelling time to enter the multifamily bridge loan market. Our partnership with Gryphon is rooted in our shared thesis that…