Renshaw Bay has closed its debut property debt fund at £356m (€492m), with backing from the UK and US.

The London-based firm said its first commercial real estate debt fund, which is targeting the UK and Germany, was backed by three investors.

Capital for the strategy came from a UK local authority, a US-based family trust, as well as an increased allocation from a global private bank.

Renshaw Bay said the fund is focused on the direct, whole-loan origination.

Jon Rickert, head of real estate finance at Renshaw Bay, said the fund will seek value for investors in “attractive, risk-adjusted lending opportunities”.

The firm, which has deployed £179m in 14 loans to date, said it seeks to take advantage of the lack of financing available to real estate borrowers.

Rickert said investors had shown confidence in the fund’s portfolio of investments.

A joint venture between Forum Partners and Office Space in Town (OSiT) was given a £51.5m facility by Renshaw Bay and Deutsche Bank earlier this year.