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
