Brasa Capital closes first credit vehicle

Brasa Capital Management has closed its first credit vehicle, Brasa Credit I, allowing the company to provide both debt and equity on commercial real estate transactions up to $100 million on behalf of its pension fund investors.

In partnership with developers and operators, Brasa provides between $5 million and $25 million in value-add capital for the acquisition, repositioning or ground-up development of commercial properties in the western United States and Texas.

The firm completed its first two transactions of the new vehicle with a $16 million preferred equity investment in a multifamily development in Denver and the acquisition of a $4 million subperforming note secured by a mixed-use asset in Los Angeles. The joint venture follows the closing of the firm’s debut real estate fund, Brasa Real Estate Fund, at the end of 2018, with $120 million in capital commitments.

Through the fund, Brasa has acquired 13 assets, including industrial, multifamily and lif