Photo by Cleveland.com
Cleveland’s Citymark Capital Positioned to Profit From Big Refinancing in Multifamily Housing Market
November 27, 2024
Source: Cleveland.com
Citymark Capital, a Cleveland-based real estate fund manager, and a Kaulig Capital portfolio company, announced a joint venture with PGIM Real Estate. PGIM is the asset management arm of Prudential Financial, and the partnership will allocate $500 million to acquire senior loans and structured positions, which are backed by multifamily assets. This move comes as a $650 billion multifamily debt is set to mature in the U.S. over the next two years. The venture aims to provide innovative solutions to banks navigating tight credit conditions and heightened regulatory pressures. The collaboration highlights Citymark Capital’s strategic approach to challenges in the real estate market.
