Logistics investment manager Realterm has secured $350m (€300m) for its inaugural US credit fund.
The manager said the fundraising for Realterm Logistics Credit Fund (RLCF) and co-investment vehicle marks its expansion into direct lending capital for the industrial and logistics sector. The new strategy will focus on providing capital solutions for “transportation-advantaged industrial outdoor storage properties”.
Realterm said RLCF has already closed its first loan, a $70m deal to finance a US portfolio of industrial outdoor storage properties.
As reported in January this year, Realterm provided the loan to GreenPoint. The GreenPoint portfolio of 163 acres, consists of eight properties located in Arizona, Colorado, Georgia, Michigan and Texas.
Paul Sisson, head of credit at Realterm and RLCF fund manager, said: “We will construct a highly granular portfolio of privately negotiated senior mortgages and junior capital solutions, targeting both stabilised and transitional logistics properties across major US markets.
“We’re leveraging our three decades of investment expertise as a sector specialist to provide sophisticated and creative lending solutions to fill a financing gap that is underserved by traditional lenders.”
Peter Lesburg, managing director and global head of capital markets at Realterm, said: “The successful closing of Realterm’s first credit fund represents a natural evolution of our platform and extension of our sector expertise into a new asset class, which will further enhance the range of capital solutions that we can offer to our counterparties.
“We are also excited to welcome several new investors into our partnership through this new vehicle.”
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