Randy Plavajka

The fund falls short of its $1bn target; it will originate first mortgages backed by high-quality assets

With Jesse Hom at the helm, the firm is building up its real estate credit platform after the acquisition of Prima Capital Advisors.

The Newark-based manager has been refinancing sizable portfolios and tacking on more concentrated one-off deals to fuel momentum.

Franklin BSP Realty Trust’s Comparato breaks down the transaction, which marks a bright spot for a quiet sector.

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.