JCR Capital, Denver, will be originating, underwriting and managing a $100 million commercial real estate bridge loan fund for an unnamed institutional investor.
This program is being marketed as "JCR's Classic Bridge Loan" program; the company said it complements the current distressed and opportunistic finance programs it offers.
It is looking to provide bridge financing for properties that need more time to complete their business plans, with the exit strategy being a refinance or sale.
Loans originated through this program are non-recourse. Eligible property types include multifamily, industrial, office, retail, condominium and non-performing loan pools. The targeted yields are between 6% and 9%, prior to transaction fees.
JCR president and chief executive Jay Rollins had previously worked at GMAC Commercial Mortgage, where he was one of the people responsible for managing (along with Maren Steinberg, another member of JCR's management team) a similar portfolio totaling $1.6 billion between 1999 and 2006.
The partnership with the institutional investor, he said, will allow his company "to capitalize on the dislocation in the bridge loan market."
