Smith Hill Capital, ECI Group and InterVest have launched a $250m (€230m) US private real estate lending venture.
The newly created debt platform offers financial solutions, such as first mortgages, mezzanine loans and preferred equity investments, to owners of multifamily properties.
It caters to refinancing, new construction and acquisition needs, and loans are expected to range from $15m to $100m.
The platform will initially focus on the Southeast US and Texas before expanding into other regions in the country.
ECI CEO Seth Greenberg said: “ECI is excited to partner with Smith Hill and InterVest to provide institutional quality multifamily owners and operators with critical funds for refinancings, new development, construction and acquisitions.
“This platform broadens ECI’s capabilities, allowing us to own, develop, manage and provide tailored financial solutions in the multifamily space. We are prepared to move quickly to put our debt platform to work and have already begun to target deals”
Smith Hill managing principal Brendan McCormick said: “Smith Hill is excited to partner with ECI, one of the most respected and experienced multifamily owners and operators in the country, and InterVest, a premier investment manager within the real estate and structured credit space.
“We believe that there is a large opportunity to serve as a capital solutions provider in the multifamily space and look forward to leveraging the collective expertise of our platform to provide innovative financing solutions.”
InterVest SVP Rob Rothschild said: “InterVest is excited to partner with ECI and Smith Hill to provide institutional investors with the capital needed to accelerate growth in the multifamily sector.
“Our focus on structuring tailored debt and equity solutions aligns with the growing demand for both development capital and refinancing.”
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