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Colony launches third distressed debt fund

by Andrea Waitrovich

Colony Capital has launched a third fund in its distressed credit fund series, according to a filing with the Securities and Exchange Commission. Colony Distressed Credit & Special Situations Fund III, a commercial real estate distressed debt fund, has a $1 billion fundraising goal.

Although general information about the new fund was not disclosed in the filing, the vehicle is the successor to Colony Distressed Credit Fund II (CDCF II), which closed in June 2012 with $1.4 billion in equity commitments. CDCF II invests in distressed mortgages and mezzanine debt in the United States and Europe. Some of the fund's assets include a first mortgage financing for land acquisition and pre-development costs associated with a waterfront mixed-use project in Marin County, Calif.; a firs

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