ACORE Capital announced Tuesday its formation as a commercial real estate finance and risk management solutions provider.
The company launches with $1.6 billion in capital from Delphi Financial Group Inc., a wholly owned subsidiary of Japanese insurer Tokio Marine Group. ACORE will seek to raise additional capital in the near future, according to a press release.
"We are excited to launch this new platform, leveraging our combined 100 years of experience as lenders to create the most competitive, creative and borrower-centric lending platform serving commercial real estate borrowers in the markets we enter," said one of ACORE’s managing partners, Boyd Fellows, in a statement.
Other managing partners are Stew Ward, Chris Tokarski and Warren de Haan.
All four partners are commercial real estate finance veterans who have more than 20 years of experience working together. They have collectively closed more than $40 billion in CRE loans and led the activity at Starwood Property Trust, Countrywide Financial Corp. and Nomura Securities International.
ACORE, short for Alpha Commercial Real Estate, will focus on originating, acquiring and managing commercial real estate loans and other commercial real estate debt investments.
It will focus on originating, acquiring and managing first mortgages, B-notes, mezzanine debt and preferred equity in the U.S., Canada and Europe.
Financing solutions will vary in size between $20 million and more than $300 million. It expects to originate $4 billion to $5 billion in whole loans.
The company has offices in San Francisco, Los Angeles and New York and plans to add 30 commercial real estate finance professionals to its team in 2015.
