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Laxman Pai, Opalesque Asia: Berkshire Residential Investments closed real estate fund Berkshire Multifamily Debt Fund III at its hard cap of $1.85 billion in equity commitments.
The total exceeds its fundraising target of $1.5 billion, said a press release.
The US residential-focused lending vehicle will primarily consist of Freddie Mac's Multifamily Capital Markets Execution B-piece debt investments that are collateralized by high-quality multifamily mortgages throughout the United States.
The fund will also invest opportunistically in other debt assets secured by multifamily properties such as preferred equity, mezzanine debt, B-notes, and discounted notes.
"The success of Berkshire's debt fund series reflects continued investor interest and their confidence in our Debt Investments team," noted Jon Pfeil, Managing Director, Head of Debt Investments at Berkshire. "Berkshire has decades of U.S. housing investment experience, and we will continue to develop both equity and debt products in the sector that meet evolving market trends."
Investors in Fund III include Massachusetts Pension Reserves Investment Management Board, Boston; Tennessee Consolidated Retirement System, Nashville; and New Mexico State Investment Council, Santa Fe.
The previous fund, Berkshire Multifamily Debt Fund II, closed at $1.25 billion in 2018.
As of March 31, 2021, Berkshire had approximately $12.1 billion in real estate assets under management. ...................... To view our full article Click here
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