Walton Street Real Estate Capital has raised $559m (€478.7m) for its open-ended US debt fund, according to information presented to the Alaska Retirement and Management Board (ARMB).
The Walton Street Real Estate Debt Core Fund intends to raise at least an additional $500m, with the long-term goal of scaling the fund’s net asset value to a minimum of $2bn once stabilised.
The fund’s targeted stabilised portfolio allocation is 55% multifamily, 15% student housing, 10% manufactured housing and 10% industrial. The remaining 10% is expected to be diversified across other sectors, including active adult communities, senior housing, grocery-anchored retail, single-family rental and self-storage.
Walton Street Capital disclosed to ARMB’s board that it has two pending transactions: an $84m mortgage loan commitment, featuring a 68.5% loan-to-cost ratio, to facilitate Crow Holdings Capital’s acquisition of 33 West, a 376-unit apartment complex in Davie, Florida; and a separate $99.3m loan to refinance a nine-building, 936,775sqft industrial park in Denver.
Walton Street Capital declined a request for further comment.
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