{"id":1004545210,"date":"2021-07-27T02:48:27","date_gmt":"2021-07-27T10:48:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004545210"},"modified":"2022-12-08T04:43:27","modified_gmt":"2022-12-08T12:43:27","slug":"slate-asset-management-closes-latest-fund-at-almost-600m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/","title":{"rendered":"Slate Asset Management Closes Latest Fund at Almost $600M"},"content":{"rendered":"
\"\"<\/a>

Image courtesy of Stephanie Albert via Pixabay.com<\/p><\/div>\n

Slate Asset Management has reached the final close of its Slate Real Estate Capital I, at nearly $600 million, the company announced Monday.<\/p>\n

Also on Monday, the fund completed the first closing with respect to the $2.3 billion acquisition, announced in March<\/a>, of the CRE business of Annaly Capital Management Inc. The portion of the portfolio being acquired by Slate Grocery REIT remains pending and is expected to close in the third quarter.<\/p>\n

The fund is the first debt-focused investment vehicle for Slate, a global alternative investment platform focused on real estate.<\/p>\n

\n

READ ALSO<\/strong>: A Midmarket Lender\u2019s Take on Capital Trends<\/a><\/p>\n

\n

It reportedly was oversubscribed with third-party capital commitments from a global group of new and previous institutional investors, including a preferred equity investment from Goldman Sachs Asset Management\u2019s Vintage and Vintage Real Estate Partners Funds. That investment builds on Slate\u2019s existing partnership with Goldman Sachs Asset Management.<\/p>\n

According to a prepared statement by Blair Welch, co-founding partner of Slate, the initial close of this transaction will enable the company’s platform and team to capitalize on compelling and creative investment opportunities across the entire capital stack.<\/p>\n

Slate and the Vintage Funds \u201cwere able to structure a multi-faceted investment and acquire a high-quality portfolio of real estate credit positions that combines downside protection and attractive return potential,\u201d added Sean Brenan, managing director at Goldman Sachs Asset Management.<\/p>\n

The acquisition will expand Slate\u2019s investment capabilities, enabling the firm to execute bridge and transitional lending, acquire existing loans, invest in debt securities and provide flexible liquidity solutions to strong sponsors and assets.<\/p>\n

BMO Capital Markets served as financial advisor, and Goodwin Procter LLP and McCarthy T\u00e9trault LLP as legal advisors to Slate.<\/p>\n

A variety of moving parts<\/h2>\n

A number of Annaly personnel, including Timothy Gallagher, head of commercial real estate, and Michael Quinn, head of commercial investments, have joined Slate. They and various new hires will work from Slate\u2019s offices in Chicago, New York, Dallas and Los Angeles.<\/p>\n

The initial announcement, in March, about Slate\u2019s purchase of the Annaly CRE business gave a picture of the assets involved, including the $390 million portfolio of grocery-anchored properties to be acquired by Slate Grocery REIT, which comprises 25 properties and 3.1 million square feet.<\/p>\n

Beyond that, Annaly\u2019s CRE assets also include a wide range of office properties, from towers to office parks, as well as a sizable percentage of multifamily assets.<\/p>\n","protected":false},"excerpt":{"rendered":"

The fund also reached a key milestone in its $2.3 billion acquisition of Annaly Capital Management\u2019s commercial real estate business.<\/p>\n","protected":false},"author":882,"featured_media":1004540060,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,23891,21742,21747],"tags":[35613,35564,45284,36759,51075],"class_list":["post-1004545210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-national","category-latest","category-office","tag-annaly-commercial-real-estate-group","tag-bmo-capital-markets-corporation","tag-goldman-sachs-asset-management-private-real-estate","tag-goodwin-procter","tag-slate-asset-management"],"acf":[],"yoast_head":"\nSlate Asset Management Closes Latest Fund at Almost $600M - 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\/slate-asset-management-closes-latest-fund-at-almost-600m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Slate Asset Management Closes Latest Fund at Almost $600M\" \/>\n<meta property=\"og:description\" content=\"The fund also reached a key milestone in its $2.3 billion acquisition of Annaly Capital Management\u2019s commercial real estate business.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/\" \/>\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=\"2021-07-27T10:48:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T12:43:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/Office-buildings-Stephanie-Albert-via-Pixabay.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\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\/slate-asset-management-closes-latest-fund-at-almost-600m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/\",\"name\":\"Slate Asset Management Closes Latest Fund at Almost $600M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/Office-buildings-Stephanie-Albert-via-Pixabay.jpg\",\"datePublished\":\"2021-07-27T10:48:27+00:00\",\"dateModified\":\"2022-12-08T12:43:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/Office-buildings-Stephanie-Albert-via-Pixabay.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/Office-buildings-Stephanie-Albert-via-Pixabay.jpg\",\"width\":1000,\"height\":750,\"caption\":\"Image courtesy of Stephanie Albert via Pixabay.com\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Slate Asset Management Closes Latest Fund at Almost $600M\"}]},{\"@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. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. 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":"Slate Asset Management Closes Latest Fund at Almost $600M - 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\/slate-asset-management-closes-latest-fund-at-almost-600m\/","og_locale":"en_US","og_type":"article","og_title":"Slate Asset Management Closes Latest Fund at Almost $600M","og_description":"The fund also reached a key milestone in its $2.3 billion acquisition of Annaly Capital Management\u2019s commercial real estate business.","og_url":"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2021-07-27T10:48:27+00:00","article_modified_time":"2022-12-08T12:43:27+00:00","og_image":[{"width":1000,"height":750,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/Office-buildings-Stephanie-Albert-via-Pixabay.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\/slate-asset-management-closes-latest-fund-at-almost-600m\/","url":"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/","name":"Slate Asset Management Closes Latest Fund at Almost $600M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/Office-buildings-Stephanie-Albert-via-Pixabay.jpg","datePublished":"2021-07-27T10:48:27+00:00","dateModified":"2022-12-08T12:43:27+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/Office-buildings-Stephanie-Albert-via-Pixabay.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/Office-buildings-Stephanie-Albert-via-Pixabay.jpg","width":1000,"height":750,"caption":"Image courtesy of Stephanie Albert via Pixabay.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/slate-asset-management-closes-latest-fund-at-almost-600m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Slate Asset Management Closes Latest Fund at Almost $600M"}]},{"@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. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. 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\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/Office-buildings-Stephanie-Albert-via-Pixabay.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004545210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004545210"}],"version-history":[{"count":6,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004545210\/revisions"}],"predecessor-version":[{"id":1004545304,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004545210\/revisions\/1004545304"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004540060"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004545210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004545210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004545210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}