Allianz Real Estate has provided $200m (€184m) of debt to a fund managed by Clarion Partners.
The German insurer said its debt division financed 10 assets in the US for the fund.
The loan is secured by five multifamily assets in Massachusetts, New Jersey, Texas and California.
Three industrial properties totalling 1.3m sqft in Colorado and California are also part of the portfolio, along with two retail assets in Georgia and Texas.
Clarion Partners, which has 200 domestic and international institutional investors, recently said it planned to invest $400m-500m in US real estate debt strategies.
Current Clarion funds and separate-account clients are providing the capital, the company said.