Corten Real Estate Partners has reached an agreement with GCM Grosvenor to create a $50 million separate account that will further Corten’s strategy of pursuing specials situation and distressed investment opportunities involving multifamily, hospitality and office properties in the mid-Atlantic region.
The separate account will be complementary to Corten’s commingled funds and invest where they may be capital constrained or facing concentration risks. Corten Real Estate Fund I (CREF I) will have the option to purchase a portion of any investments made and warehoused by the separate account for a finite period of time.
GCM Grosvenor’s real estate emerging manager programs invest with a long-term, growth-oriented view and partner with only a fraction of the investment managers that they screen. Going forward, Corten and GCM Grosvenor intend to build upon the success of the separate account and create a broader strategic partnership.
Corten is an operator an
