Real estate financing fund converts to evergreen vehicle, anticipates €100m of new commitments

FAP Group, an independent advisory company specialized in raising and structuring capital for real estate investments and project developments, has converted the FAP Balanced Real Estate Financing I (FAP BREF I) from a closed-end fund into an open-ended, evergreen vehicle.

The FAP Group consists of FAP Invest, a real estate investment platform for institutional investors with a focus on debt products; FAP Finance, which provides advice on capital and financing issues to borrowers; and FAP Syndication & Capital Markets, an independent syndication desk that brings lenders together and offers access to raising debt capital. FAP structures conventional debt finance as well as mezzanine, equity and capital market products.

FAP BREF I is the only core mezzanine product for real estate financing in the German-speaking region. In the fourth quarter 2022, FAP BREF I had reported more than €65 million ($70 million) of new equity commitments from existing investors, which a