Randy Plavajka
-80x80.jpg "Fortress acquires $1bn office loan portfolio from Capital One")
Private credit manager picks up substantial exposure to New York City offices in the deal.
US bank lenders will face stricter capital requirements with proposed regulatory changes.
Bank capital requirement changes and shrinking balance sheets are opening doors in multifamily, industrial and construction.
Former PacWest division will focus on non-recourse bridge and construction financing following move.
The strategy arrives as the firm sees more industrial, construction and multifamily opportunities.
The sector is being hit by rising interest rates and other trends also affecting the broader commercial real estate debt markets.
PacWest attempts to add liquidity as regional banking turmoil persists.
The Los Angeles-based manager is targeting $3bn for its Real Estate Debt Fund IV.
The Federal Deposit Investment Corp seized the bank and sold control of it to JPMorgan on 1 May.
CEO Mukang Cho says the firm will target structured debt investments in the office sector.