ACORE Credit IV and separate accounts to originate and manage
transitional commercial real estate debt investments in the United
States; creating combined incremental lending capacity of up to $7
billion
NEW YORK–(BUSINESS WIRE)–ACORE Capital, LP (“ACORE”), a leading commercial real estate finance
company, announced today the final closing of ACORE Credit IV (the
”Fund”), the firm’s first discretionary commingled real estate debt
fund. The Fund raised a total of $556 million, with a focus on
originating and managing transitional commercial real estate debt
investments in the United States. ACORE Capital also announced the
closing of an additional $2 billion of separate account mandates,
targeting similar commercial real estate lending opportunities.
The Fund’s investors include a diverse group of international
institutions from North America, Europe, the Middle East and Asia,
including public and private pension plans, insurance companies,
investment advisers, and foundations, and family offices. The separate
account investors are global insurance companies that prefer investing
via separate accounts over commingled funds.
ACORE Credit IV is approximately 62% committed (net of reserves), having
made 19 investments which represent approximately $308 million of Fund
equity capital committed. These loans are diversified by property type,
geography and borrowers.
“We are pleased to complete our inaugural commingled fund and grateful
for the strong support from our new partners,” said Boyd Fellows,
Managing Partner at ACORE. “The scale of our access to transaction
opportunities as a result of our reputation and relationships, validated
by our track record, will provide us with a sustainable competitive
advantage as we advance the Fund’s strategy. We expect the investment
capacity of the Fund will be expanded with co-investment capital
commitments from Fund investors in strategic transactions.”
The Fund intends to capitalize on ACORE’s established lending platform
and longstanding industry relationships to source, originate, underwrite
and asset-manage commercial real estate debt investments. Since its
inception in May 2015, through March 2019, ACORE has originated
approximately $16 billion in loans. As of March 2019, ACORE has
approximately $13.6 billion in assets under management.
Managing Partner Warren de Haan stated, “With decades of lending
experience as a team, we have positioned ACORE as a major participant in
the bridge lending world since its founding. The success we have
achieved is a testament to the high quality of our team and our
client-first culture, which our clients recognize and value.”
The ACORE team includes more than 75 commercial real estate finance
professionals that operate out of offices in New York, Los Angeles, San
Francisco and Dallas. Demonstrating the firm’s industry-leading
position, ACORE’s four managing partners have been named to Commercial
Observer’s annual list of the “50 Most Important Figures of
Commercial Real Estate Finance” for four consecutive years.
Hodes Weill Securities, LLC, a global real estate advisory firm, acted
as the exclusive financial advisor and global placement agent to ACORE.
About ACORE Capital
ACORE Capital, LP is a commercial real estate finance company focused on
originating, acquiring and managing first mortgages, B-notes, mezzanine
debt and preferred equity throughout the United States. ACORE, which is
an acronym for Alpha Commercial Real Estate, specializes in providing
borrowers with customized financing solutions at competitive rates and
flexible terms. For investors, ACORE is focused on generating alpha
through attractive commercial real estate debt investments coupled with
superior risk management. ACORE is led by commercial real estate finance
veterans Boyd Fellows, Stew Ward, Chris Tokarski and Warren de Haan. For
more information, please visit www.acorecapital.com.
Contacts
Media:
[email protected]
