PCCP raises $132m for Credit VI

The real estate investment firm typically provides $10m to $15m per debt transaction.

PCCP has raised at least $131.5 million for its latest credit fund, called PCCP Credit VI, according to a Form D filed with the US Securities and Exchange Commission on Wednesday.

The fund is targeting $750 million, according to PDI’s Research and Analytics division. PCCP partner Greg Eberhardt, who is responsible for raising investment capital from the firm’s Los Angeles office, had not responded to a request for comment at press time.

PCCP’s debt business is capable of providing first mortgage loans, mezzanine and senior debt financing, according to its website. The firm’s senior and mezzanine debt programme typically invests between $10 million and $15 million per deal, with a maximum loan to value of 95 percent. Floating rate debt maturities can extend up to five years.

PCCP specialises in providing financing to office, industrial, multi-family, retail, land, condo conversions and select hotel transactions.

PCCP has approximately $6 billion in institutional client assets under management. The firm maintains offices in Los Angeles, New York, San Francisco and Sacramento.