PCCP LLC and the Ohio Public Employees Retirement System (OPERS) have teamed up to form a new venture that will originate first mortgages. The venture will take advantage of the lack of liquidity in the floating-rate commercial mortgage debt space. With a national focus, the venture will make loans secured by all major commercial asset types (office, multifamily, retail, industrial and hospitality).
‘The great recession has reduced the number of skilled, entrepreneurial lenders who understand fundamental real estate value and who make and hold commercial real estate mortgages on their balance sheets,’ PCCP founding partner Don Kuemmeler says, adding that the venture intends to offer short-term, flexible first mortgages.
SOURCE: PCCP LLC