New York Life Real Estate Investors has announced the closing of Madison Square Structured Debt Fund at roughly $500 million of committed capital.
The fund is expected to originate some $1 billion in senior bridge financing collateralized by institutional-quality office, multifamily, industrial, retail and other niche sector properties across primary and secondary U.S. markets. According to SEC filings, the fund launched in August last year.
Currently head of structured debt at New York Life Real Estate Investors, industry veteran John Lippmann will serve as the debt vehicle’s portfolio manager. Lippman and his team have originated structured loan in value of almost $5 billion since 2012. Paul Behar, head of business development at New York Life Real Estate Investors, considers that the program will allow the company to seek attractive current returns with a lower level of volatility in the current climate, which will resonate well with investors.
The announcement comes just days after LaSalle kicked off a global navigator fund. With $320 million in founding capital commitments, LaSalle Global Navigator Fund will cater to small- and medium-sized institutional investors.