Mezzanine

In its latest annual report, the adviser said subordinated finance is increasingly important to the viability of development and acquisition deals.

The latest research by the Berlin-based advisory firm shows subordinated lenders are benefiting from German banks’ increased caution.

The Los Angeles-based bridge lender will now also target first mortgages and mezzanine debt.

The Frankfurt-based manager says more caution among banks during the pandemic has created opportunities for subordinated lenders.

The Monaco and London-based manager is understood to have begun fundraising for its third property lending vehicle.

Hanno Kowalski, managing partner of the Berlin-based debt provider, says demand for junior loans against core assets means mezzanine lenders, and their investors, are taking less risk.

The French manager will add high-yield lending to its repertoire as it aims to double its credit assets under management.

Michael Zerda, head of Blackstone Real Estate Debt Strategies in Europe, will take on Amy Klein Aznar’s role at LaSalle as she becomes executive chair of the debt and special situations business.