Miami-based Omega Commercial Finance Corp. (OCFN) plans to launch its first commercial real estate pooled fund, called Omega Asset Backed Fund I LP, by July, following the completion of an analysis.
OCFN's lending programs, led by Holly Leide, vice president of lending, have identified $25 million in financing requests that meet the fund's main two underwriting characteristics: low leverage and high debt-service coverage. The fund's core investment objective is to achieve advantageous and consistent rates of return by providing short- and medium-term loans to commercial mortgage borrowers.
Primarily, the fund will seek to finance core assets, including office buildings, multifamily units and shopping centers, OCFN says. The loans will consist of senior-debt loans, mezzanine or subordinated loans, preferred equity, and other equity participation financing structures.