{"id":1004103933,"date":"2014-09-18T07:00:22","date_gmt":"2014-09-18T15:00:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004103933"},"modified":"2022-12-08T23:08:30","modified_gmt":"2022-12-09T07:08:30","slug":"jcr-capital-obtains-105m-for-middle-market-fund","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/","title":{"rendered":"Update: JCR Capital Obtains $105M for Middle-Market Fund"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

\"Jay

Jay Rollins<\/p><\/div>\n

JCR Capital, of Denver, on Tuesday announced the first close of its third fund, the JCR Capital Commercial Real Estate Finance Fund III L.P.<\/p>\n

The first close reportedly had $105 million in commitments, including a $26 million general partner investment. Fund III is targeting a total capitalization of $250 million, with a final close in the fourth or the first quarter, Jay Rollins, managing principal of JCR, told Commercial Property Executive<\/i>.<\/p>\n

The fund, according to JCR, will continue the strategy from Funds I and II: \u201cproviding customized capital solutions to commercial real estate middle market sponsors whose assets do not typically attract institutional capital.\u201d<\/p>\n

JCR defines the \u201cmiddle market\u201d as CRE assets whose value is less than $30 million, Rollins noted, adding, \u201cWe believe this is a niche area of the market with limited competition, especially compared to the institutional market above us.\u201d<\/p>\n

The company\u2019s announcement added that \u201cJCR will seek to capitalize on the substantial amount of legacy loan maturities coming due over the next four years.\u201d<\/p>\n

Fund III is national in scope, with an emphasis on the Western United States, and targets short-duration investments, typically six to 36 months, in multifamily, retail, industrial, office and finished lots using a diversified mix of senior debt, participating debt and structured equity positions.<\/p>\n

Fund III is managed by Rollins and by Maren Steinberg, JCR\u2019s managing principals. Perth Advisors LLC, of New York, is the fund\u2019s placement agent.<\/p>\n

\u201cWe are in a more defensive position right now\u201d in the financing market, Rollins told CPE<\/i>. \u201cWe anticipate investing into a dislocation during the term of our fund, which is the type of market where we excel.\u201d<\/p>\n

As to the overall climate for CRE, Rollins said, \u201cIn general the fundamentals are good. The pricing is getting a little high, and in some cases there are bubbles, which we obviously stay away from. We typically bake in an interest rate increase in each investment\u2019s exit stage, so we can perform well with or without an increase in rates. We have not seen other fund managers do this.\u201d<\/p>\n

In January, shortly before Fund III was launched, StanCorp Financial Group Inc. and Soundview Real Estate Partners bought minority interests in JCR. StanCorp was to partner with JCR to expand its bridge lending program, and Soundview, a substantial partner in JCR\u2019s previous private funds, reportedly contributed \u201csignificant equity\u201d to co-lead Fund III.<\/p>\n","protected":false},"excerpt":{"rendered":"

JCR Capital’s JCR Capital Commercial Real Estate Finance Fund III L.P. is targeting a total capitalization of $250 million for middle-market sponsors typically overlooked by institutional capital.<\/p>\n","protected":false},"author":882,"featured_media":1004104094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21748,21783,21742,21747,21749],"tags":[],"class_list":["post-1004103933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-industrial","category-investment","category-latest","category-office","category-retail"],"acf":[],"yoast_head":"\nUpdate: JCR Capital Obtains $105M for Middle-Market Fund - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Update: JCR Capital Obtains $105M for Middle-Market Fund\" \/>\n<meta property=\"og:description\" content=\"JCR Capital's JCR Capital Commercial Real Estate Finance Fund III L.P. is targeting a total capitalization of $250 million for middle-market sponsors typically overlooked by institutional capital.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-09-18T15:00:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T07:08:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Jay-Rollins.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"969\" \/>\n\t<meta property=\"og:image:height\" content=\"545\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/\",\"name\":\"Update: JCR Capital Obtains $105M for Middle-Market Fund - 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He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Update: JCR Capital Obtains $105M for Middle-Market Fund - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/","og_locale":"en_US","og_type":"article","og_title":"Update: JCR Capital Obtains $105M for Middle-Market Fund","og_description":"JCR Capital's JCR Capital Commercial Real Estate Finance Fund III L.P. is targeting a total capitalization of $250 million for middle-market sponsors typically overlooked by institutional capital.","og_url":"https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2014-09-18T15:00:22+00:00","article_modified_time":"2022-12-09T07:08:30+00:00","og_image":[{"width":969,"height":545,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Jay-Rollins.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/","url":"https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/","name":"Update: JCR Capital Obtains $105M for Middle-Market Fund - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Jay-Rollins.jpg","datePublished":"2014-09-18T15:00:22+00:00","dateModified":"2022-12-09T07:08:30+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Jay-Rollins.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Jay-Rollins.jpg","width":969,"height":545},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/jcr-capital-obtains-105m-for-middle-market-fund\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Update: JCR Capital Obtains $105M for Middle-Market Fund"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. 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