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Torchlight raises $835m for debt fund

by Zoë Wolff

Torchlight Debt Opportunity Fund V has raised more than $835 million to date, according to a spokesperson for Torchlight Investors. The opportunistic fund is quickly approaching its $1 billion target.

The fund is expected to hold a final close at the end of 2015, having had a first close of $360 million in March and a second close of $445 million in June.

The fund focuses on opportunistic commercial real estate assets in noncore markets across the United States. The Torchlight fund has invested $27 million in the 248,500-square-foot Promenade at Howard Hughes Retail Center in West Los Angeles.

The Howard Hughes Center is a 1.6 million-square-foot mixed-use development with 920 multifamily units under construction. The property has an 18-screen Cinemark XD movie theater and a Dave & Buster’s.

“The Promenade is a well-located retail center with a strong lineup of national tenants,” said Steve Schwartz, managing director of

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