Madison Realty Corp., New York, said the final closing of its Sullivan Debt Fund LP brought in $350 million in capital commitments. This is well above the original target capital raise of $300 million.
The Sullivan Debt Fund received money from sovereign wealth funds, corporate pension funds, public pension funds, insurance companies, endowments, real estate fund of funds and family offices.
Lending activities are nationwide, while debt purchases have been focused on major East Coast markets.
To date, the fund has completed $383.5 million of transactions, and will have the capacity to invest in excess of $1 billion given leverage and capital recycling provisions.
