Mark Mwaungulu
The manager has provided the loan to a JV between US firm Hines and family business the Peterson Group.
The lender, which is financing two developments in Milan, sees strong demand for build-to-sell housing in the country.
The Naarden-based real estate debt fund manager is aiming to raise up to €400m for a debut pan-European debt fund dedicated to issuing construction loans on assets that have a social impact.
The scheme was halted when the previous developer, Investar, fell into administration last year.
The Madrid-headquartered investor sourced the debt from a consortium of European lenders.
The manager plans to reduce its use of loan-on-loan finance as it aims to launch its next credit vehicle.
The London-based manager has already held a first close on €60m and is aiming to raise €300m for a strategy that focuses on Greece and Italy.
The US firm has been growing its European lending exposure in partnership with lender Earlsfort Capital Partners.
The manager has provided a senior loan in the region of €25m, which will enable a refurbishment of the property.
The manager received a £300m facility to acquire 34 sites from a mix of banks and alternatives.
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