Fundraising - FEBRUARY 5, 2014

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Latitude fund holds $404m final close

by Reg Clodfelter

Latitude Management Real Estate Investors has held an approximately $404 million final close on Latitude Management Real Estate Capital III, the latest fund in the firm’s first-mortgage bridge loan fund series.

The fund will originate value-add first-mortgage bridge loans ranging in value from $5 million to $30 million. It will invest across property types in primary and secondary markets throughout the United States. Approximately 40 percent of the fund’s capital will be used to originate loans for multifamily properties, 25 percent for office properties, 20 percent for hospitality properties and 15 percent will be for promising investment opportunities in alternative sectors.

The loans will be short term, three to five years, allowing the fund to deploy capital twice over the five-year investment period. It is expected to use 50 percent leverage, creating an initial investment capacity of more than $800 million

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