ATLANTA, Jan. 30, 2018 /PRNewswire/ — Invesco Real Estate, the global real estate team at Invesco Ltd., announced today that it has recently participated in $252 million of total financings, originating and closing five loans as part of its rapidly expanding commercial real estate lending platform.
Invesco Ltd. logo. (PRNewsFoto/Invesco, Chris Wilson)
The loans are representative of Invesco’s commercial real estate lending business and will fund various initiatives such as value-add renovations, recapitalization, lease-up bridge, and limited development, across Class A assets within the multifamily, office and industrial sectors. These loans are consistent with the types of loans Invesco is targeting with its $1.6 billion origination goal for 2018.
A mezzanine loan to facilitate the recapitalization and lease up of a recently delivered 142-unit trophy multifamily asset within City Market at O, 880 P Street, in Washington, D.C. A senior loan for the ground-up development of a 400,000 square foot Class A warehouse and distribution facility known as Perris Gateway Commerce Centre in the Inland Empire of California. A mezzanine loan as part of the refinancing, inclusive of future fundings for capital expenditures and leasing costs, of 655 Montgomery, a 263,000 square foot Class A office building in San Francisco. A senior loan to finance the acquisition and comprehensive renovation of a high-quality 324-unit multifamily property known as Blanco Crossing in San Antonio, Texas. A senior loan to finance the acquisition and lease-up of a newly constructed 230-unit multifamily project known as the Haven at Westheimer in Houston, Texas.
Charlie Rose, Senior Director, comments: "As we expand Invesco’s footprint as a nimble, creative lender, these recent closings are representative of our capabilities in the bridge lending space. Invesco’s dedicated team has ‘boots-on-the-ground’ and deep relationships nationally, which collectively allow us to structure unique bridge financing solutions for borrowers seeking responsive and flexible debt capital."
"Invesco Real Estate has committed to further scaling its bridge lending platform as a complement to its existing national footprint and established infrastructure," says Bert Crouch, Managing Director. "These originations demonstrate our ability to source, structure and close both senior and subordinate loans across all commercial real estate sectors and regions. Each financing adheres to Invesco’s ‘credit-over-yield’ approach to real estate lending, focusing on liquid asset classes and markets, moderate leverage, competitive pricing, rigorous structure and alignment with institutional borrowers."
Invesco Real Estate has more than 30 years of experience in the commercial real estate sector and has executed on credit-related transactions totaling more than $4.2 billion since the Global Financial Crisis.
Invesco Real Estate’s commercial mortgage business is actively originating senior and subordinate loans in primary and select secondary markets throughout the United States. With a focus on institutional quality real estate and sponsors, Invesco typically targets senior loans in excess of $50 million (and up to $250 million) and mezzanine loans in excess of $20 million (and up to $150 million). All major property types are considered including office, multifamily, industrial, hospitality, and retail with selective consideration of specialty property types including student housing, senior housing and self storage. As a floating-rate, non-recourse lender, most loans are structured with three to five years of fully extended term and up to 75% advance rates secured by core-plus and value-added collateral profiles.
About Invesco Ltd.
Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $65.1 billion in real estate assets under management, 462 employees and 21 regional offices across the U.S., Europe and Asia. Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco. Ltd.