Randy Plavajka
The co-architect of the Toronto-based manager’s real estate credit platform, Andrea Balkan, is departing after 22 years with the firm.
The firm hired Needham Point Capital co-founders Jeremy Burton and Tristine Lim to lead Blue Light Credit.
Closings are ticking up as borrowers re-enter the market, but wider activity is still tempered.
The manager will be looking to originate its own loans, pursue securitised deals and acquire loans from traditional lenders as part of its real estate debt roadmap.
Jesse Hom will join the firm in June as it looks to expand its real estate presence amid bank lending pullback.
Private credit lenders and other alternative sources of capital are already stepping in to work with national and regional US banks to restructure loans.
Two-loan package for GCP will fund acquisitions in high-demand Inland Empire market.
Bank sale mirrors similar moves by Capital One and Pacific Western Bank to add liquidity amid market stress.
Agency outlined parameters for prospective buyers across 14 pools of $33.2bn loan book.
The firm is launching the deal at a time when segments of the retail sector are showing signs of resilience.