Gryphon Real Estate Capital Partners and CarVal Investors have formed a joint venture to originate multifamily senior bridge loans in primary and secondary markets throughout the United States.
The Gryphon-CarVal Multifamily Loan Program is designed to advance up to 85 percent of the capital stack in a single execution facilitated by the program's ability to close on balance sheet. Targeted loans range from $20 million to $75 million with competitive market pricing. Loan servicing and asset management will be retained by the joint venture.
Leading up to the announcement of the joint venture, more than $150 million of multifamily loans have closed or are under a signed term sheet. The program is primed to deploy $1 billion or more over the next two years.
Gryphon and CarVal will target sponsors focused on either value-add or lease-up strategies. Value-add opportunities are cash-flowing properties that require time and capital to reposition, perform renovations, i
