Alternative lenders

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.

Debt and equity specialists at the consultancy expect lender-led sales to be a catalyst for the market.

The deadline for submissions is midday, UK time, Friday 27 October.

The manager plans to reduce its use of loan-on-loan finance as it aims to launch its next credit vehicle.

Overall loan origination in the first half of 2023 was down 22% to £18.8bn, according to the business school’s latest survey.

The report, which replaces Europe’s Top 50 Lenders, will be published in December.

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.