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Alternative Market Briefing

Berkshire Residential Investments raises $1.5bn for its debt fund

Tuesday, May 04, 2021

Laxman Pai, Opalesque Asia:

Boston-based real estate investment management company Berkshire Residential Investments closed its real estate debt fund Berkshire Bridge Loan Investors II at $1.5 billion.

The fund exceeded its fundraising target of $1 billion and received commitments from nearly 60 institutional clients around the globe and includes both new and existing investors for the firm, said a press release from the vertically integrated residential real estate investment and property management company with over 50 years of experience.

Investors in the new fund include the $29.8 billion New Mexico State Investment Council, Santa Fe.

The fund supports the MF1 direct lending platform, which is a partnership between Berkshire and Limekiln Real Estate. MF1 provides financing for multifamily assets in the US, including senior mortgages, mezzanine debt, and preferred equity.

"Despite a challenging environment in 2020, MF1 originated over $2.3 billion of loans and was the largest contributor of multifamily loans to CLOs last year. MF1's portfolio performed very well during the turbulent conditions presented during the global pandemic and had no delinquencies. We used that momentum to complete the capital raise for our second fund in this series, surpassing our capital raise goal," said Jon Pfeil, Managing Director, Senior Portfolio Manager at Berkshire.

"The launch of the second fund in this series is a testament to our confidence in the strategy and has allo......................

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