Bridge raises $1.6bn for real estate debt vehicle

The strategy focuses on ‘underserved’ real estate spaces like office and medical.

 

Bridge Investment Group has raised $1.6 billion for its commercial real estate debt strategy, the company said on Wednesday.

The company’s Bridge Debt Strategies platform will invest these commitments in first mortgage floating-rate loans, mezzanine loans, preferred equity and government-sponsored-enterprise Freddie Mac securities, according to a statement.

The strategy focuses on “underserved parts of the [commercial real estate] debt space” including credit backed by multifamily, office, senior housing and medical properties, the statement read.

James Chung, chief investment officer of Bridge Debt Strategies, said that the firm’s deployment in real estate fixed-income investments has quickened the first two quarters of the year, citing today’s low-interest environment as a cause.

The firm was not immediately available to comment further.

The fundraise comes on the heels of other real estate debt funds recently bringing in major fundraising hauls.

Och-Ziff Capital Management reached a final close for its first real estate debt fund on $735 million targeting distressed land, casinos and senior housing, as Private Debt Investor reported

 

Brookfield Asset Management’s latest real estate debt vehicle, Brookfield Real Estate Finance Fund V, raised $2.43 billion, according to a regulatory document filed this month. And in May, PIMCO closed on $2.25 billion for its special situations vehicle focused on real estate.

The Bridge Investment Group is a private real estate investment and property management firm that manages $7.4 billion in assets under management, according to its website.