Veleta Capital and funds managed by Oaktree Capital Management have formed a strategic joint venture, Veleta Capital Partners (VCP), creating a premier institutional lending platform for multifamily and commercial real estate assets. Oaktree has also acquired a minority stake in Veleta Capital.
“Together, we are forming a new platform that is specifically built for institutional standardization in the highly fractured and underdeveloped transitional multifamily marketplace, and we are confident that VCP will be able to scale quickly and capture sizable market share,” said Kaj Vazales, co-head of North America for Oaktree’s Global Opportunities strategy.
Veleta Capital Partners is targeting 12- to 36-month senior secured transition loans for multifamily and commercial real estate assets of up to $20 million. The firm will initially be focused on Tier I and Tier II submarkets, predominantly in the Western United States, including Southern California, Arizona, Color
