{"id":1004106510,"date":"2014-10-30T06:29:03","date_gmt":"2014-10-30T14:29:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004106510"},"modified":"2022-12-08T22:16:07","modified_gmt":"2022-12-09T06:16:07","slug":"mack-expands-debt-investment-activities-with-launch-of-mack-re-credit-strategies","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mack-expands-debt-investment-activities-with-launch-of-mack-re-credit-strategies\/","title":{"rendered":"Mack Expands Debt Investment Activities with Launch of Mack RE Credit Strategies"},"content":{"rendered":"<p><i>\u00a0<\/i><i>By Gail Kalinoski, Contributing Editor<\/i><\/p>\n<div id=\"attachment_1004106512\" style=\"width: 160px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Richard_Mack.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004106512\" data-attachment-id=\"1004106512\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mack-expands-debt-investment-activities-with-launch-of-mack-re-credit-strategies\/richard_mack\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Richard_Mack.jpg\" data-orig-size=\"597,534\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Richard_Mack\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Richard Mack&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Richard_Mack.jpg?w=597\" class=\"size-thumbnail wp-image-1004106512\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Richard_Mack.jpg\" alt=\"Richard Mack\" width=\"150\" height=\"150\" \/><\/a><p id=\"caption-attachment-1004106512\" class=\"wp-caption-text\">Richard Mack<\/p><\/div>\n<p>Mack Real Estate Group is launching a new lending platform for transitional and distressed <a href=\"https:\/\/www.commercialsearch.com\/news\/\">commercial real estate<\/a> assets in the United States and Europe and has tapped a former Blackstone Group managing director to help run it.<\/p>\n<p>The direct lending business will be managed by Mack Real Estate Credit Strategies\u00b8 a newly formed real estate investment management company headed by Richard Mack as CEO and Peter Sotoloff as chief investment officer. Sotoloff previously served as managing director and head of originations of Blackstone Real Estate Debt Strategies. He left the firm in June to pursue other opportunities.<\/p>\n<p>Sotoloff said he was excited to be joining forces with the Mack family \u2013 father William and son Richard \u2013 to co-found MRECS. The Macks have deep roots in CRE with firms like Apollo Real Estate Advisors, Mack-Cali Realty Corp. and AREA Property Partners, an international real estate management firm which they sold to ARES Management L.L.C. in May 2013. Several months later, <a href=\"https:\/\/www.commercialsearch.com\/news\/headlines\/created-by-former-area-property-execs-mack-real-estate-group-debuts\/1004082526.html\">they launched Mack Real Estate Group <\/a>with another family member, Stephen Mack. It manages the family\u2019s capital, institutional capital and high-net-worth capital through real estate investments.<\/p>\n<p>The Wall Street Journal reported the Macks and Sotoloff also hope to raise more than $750 million for a new private equity real estate debt fund.<\/p>\n<p>\u201cWe plan to build a preeminent real estate debt investment platform, relying on our extensive combined experience of creating value for investors in the real estate debt space, while providing capitalization solutions for borrowers,\u201d Sotoloff said in a release. \u201cPrivate lending has a major role to play in today\u2019s real estate debt markets. Real estate finance has experienced seismic changes since the last financial crisis. The landscape for borrowers is completely transformed. Financing options for transitional assets can be limited. As a result, we see tremendous demand for flexible, experienced leaders in that segment of the debt financing market, and limited competition.\u201d<\/p>\n<p>MCRES will initially focus on mezzanine, preferred equity and first mortgage loans for properties in need of flexible capital and sponsors seeking an experienced lending partner.<\/p>\n<p>William Mack said there were three reasons for launching MCRES now.<\/p>\n<p>\u201cFirst, we believe that the returns currently available for loans secured by transitional assets in the United States, and for almost all European assets located outside of the very few top-tier cities, will be superior to most other real estate investments, on a risk-adjusted basis,\u201d Mack said\u00a0 in the release. \u201cSecond, Peter Sotoloff, whom we consider the best real estate debt professional in the market, has agreed to join us. Third, we are now able to invest with partners who supported us in our past businesses.\u201d<\/p>\n<p>Sotoloff was one of the founding members of the BREDS unit while at Blackstone and helped build it into a $10 billion multi-strategy debt investment platform. Prior to joining Blackstone, he had been a principal at Tribeca Associates, where he managed acquisition, financing and development activities.<\/p>\n<p>In addition to other debt investment activities, including Claros Fund Management L.L.C., a CRE securities hedge fund, Mack-controlled entities are developing about 4,000 units of <a href=\"https:\/\/www.commercialsearch.com\/news\/multifamily\/\" target=\"_blank\" rel=\"noopener\">multifamily properties<\/a> across the U.S. MREG owns and manages approximately 6 million square feet of assets and holds partnership interests in more than 60 million square feet. It is also the majority owner of Winthrop Property Management.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mack Real Estate Group is launching a new lending platform for transitional and distressed commercial real estate assets in the United States and Europe and has tapped a former Blackstone Group managing director to help run it.<\/p>\n","protected":false},"author":1068,"featured_media":1004106512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004106510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mack Expands Debt Investment Activities with Launch of Mack RE Credit Strategies - 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\/mack-expands-debt-investment-activities-with-launch-of-mack-re-credit-strategies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mack Expands Debt Investment Activities with Launch of Mack RE Credit Strategies\" \/>\n<meta property=\"og:description\" content=\"Mack Real Estate Group is launching a new lending platform for transitional and distressed commercial real estate assets in the United States and Europe and has tapped a former Blackstone Group managing director to help run it.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mack-expands-debt-investment-activities-with-launch-of-mack-re-credit-strategies\/\" \/>\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=\"2014-10-30T14:29:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:16:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Richard_Mack.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"597\" \/>\n\t<meta property=\"og:image:height\" content=\"534\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\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\/mack-expands-debt-investment-activities-with-launch-of-mack-re-credit-strategies\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mack-expands-debt-investment-activities-with-launch-of-mack-re-credit-strategies\/\",\"name\":\"Mack Expands Debt Investment Activities with Launch of Mack RE Credit Strategies - 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