Seizing on potential opportunities in a distressed real estate market, Brasa Capital Management has closed a $100 million credit vehicle for value-add acquisitions and developments, mostly in Southern California.
The vehicle, which will provide debt and equity on multifamily, industrial, office and retail properties, is a first of its kind for the Century City-based firm founded by a former AEW Capital Management executive, according to the Los Angeles Business Journal.
Brasa plans to deploy the capital for deals between $5 million and $25 million in areas that include other parts of the Western U.S. and Texas, where it’s already active with other investment vehicles, according to the report.
The fund has already closed two deals: It poured $16 million into a multifamily development in Denver, and provided a $4 million loan on a mixed-use property in L.A.
Brasa Capital also offers joint venture equity, preferred equity, mezzanine debt and stretch senior loans, its founder, Eric Samek, told the Journal.
The firm launched its first real estate fund in 2018, a $120 million vehicle with capital from institutional investors and family offices. It has acquired 13 assets through that vehicle.