{"id":1004479954,"date":"2020-09-24T04:28:54","date_gmt":"2020-09-24T12:28:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004479954"},"modified":"2020-09-24T04:38:54","modified_gmt":"2020-09-24T12:38:54","slug":"directed-capital-closes-10th-fund-at-92m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/directed-capital-closes-10th-fund-at-92m\/","title":{"rendered":"Directed Capital Closes 10th Fund at $92M"},"content":{"rendered":"

Directed Capital has closed its 10th fund, having raised $92 million in equity commitments that will be deployed to purchase commercial real estate debt.<\/p>\n

The firm, which opportunistically acquires and strategically repositions commercial mortgage loans, reportedly will work to acquire more than $500 million in commercial mortgage loans, then seek to resolve those assets.<\/p>\n

\n

READ ALSO:<\/strong> Mapping the New Lending Landscape<\/a><\/p>\n

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Chris Moench, CEO & founder, Directed Capital. Image courtesy of Directed Capital<\/em><\/p><\/div>\n

In addition, Directed Capital recently closed on a $40 million credit facility from Pacific Western Bank and had previously received a combined $60 million in two separate credit facilities from Goldman Sachs Bank USA ($40 million) and Valley Bank ($20 million).<\/p>\n

Chris Moench, CEO & founder of Directed Capital, told Commercial Property Executive<\/em> that the company buys distressed loan assets<\/a>\u2014mostly from banks and other private lenders\u2014that can be secured by essentially any type of commercial real estate, nationwide, including senior housing and hospitality. Based on the face\/original loan amount, assets usually range from $1 million to $10 million and occasionally up to $25 million, or what Moench calls \u201cthe wide part of the market<\/em>.\u201d<\/p>\n

Success with distress <\/strong><\/h2>\n

Managing Director Nick Griffin told CPE<\/em> that Directed Capital has to date acquired $1.6 billion in assets, adding that, typically, a borrower will refinance to resolve its distressed loan.<\/p>\n

Most of the company\u2019s investors have been high-net-worth individuals and family offices, along with some institutional investors, including a couple of insurance companies, Griffin said.<\/p>\n

\n

READ ALSO:<\/strong> For Lenders, Real-Time Analysis Mandates Caution<\/a><\/p>\n

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Nick Griffin, Managing Director, Directed Capital. Image courtesy of Direct Capital<\/em><\/p><\/div>\n

Directed Capital\u2019s average hold over its existence has been 20-some to 30-some months, according to Moench, though there are exceptions. In March, the company acquired an approximately $5 million loan on a warehouse near the Port of Savannah, Ga., but the property owner has already refinanced.<\/p>\n

Another recent acquisition was a loan of about $7 million on a Manhattan multifamily building that\u2019s distressed because of the pandemic but still has a positive loan-to-value.<\/p>\n

Since early April, there has been a widening spread between bids and asking prices. \u201cSellers have yet to adjust their pricing<\/em>,\u201d Moench said, in a market troubled by COVID-19<\/a> and intense uncertainty, in addition to concerns about property insurance, driven by immense hazard losses from wildfires and hurricanes. Still, Moench sees the commercial real estate sector heading toward \u201ca more realistic market<\/em>,\u201d especially after the election.<\/p>\n","protected":false},"excerpt":{"rendered":"

The close of the company\u2019s latest distressed assets fund follows on the heels of new credit facilities totaling $100 million. <\/p>\n","protected":false},"author":882,"featured_media":1004479957,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,23891,21742],"tags":[50314],"class_list":["post-1004479954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-national","category-latest","tag-directed-capital"],"acf":[],"yoast_head":"\nDirected Capital Closes 10th Fund at $92M - 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\/directed-capital-closes-10th-fund-at-92m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Directed Capital Closes 10th Fund at $92M\" \/>\n<meta property=\"og:description\" content=\"The close of the company\u2019s latest distressed assets fund follows on the heels of new credit facilities totaling $100 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/directed-capital-closes-10th-fund-at-92m\/\" \/>\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=\"2020-09-24T12:28:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-09-24T12:38:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/Business-finance-abstract.-Image-by-Gerd-Altmann-via-Pixabay.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\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\/directed-capital-closes-10th-fund-at-92m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/directed-capital-closes-10th-fund-at-92m\/\",\"name\":\"Directed Capital Closes 10th Fund at $92M - 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