Ethan Penner, a pioneer specializing in the real estate, mortgage credit and financial markets, and Chad Carpenter, the founder of Reven Capital, have plans to launch Reven Office REIT, a U.S. office–focused real estate finance company.

The new company is seeking to raise $1 billion through a lead investor and a blind pool IPO to provide office owners and investors with financing solutions. The REIT will follow a low-risk strategy to take advantage of the significant capital void for office debt by originating first mortgages, mezzanine debt and preferred equity. The company also will make strategic investments in distressed office debt and properties at attractive discounts, capitalizing on market dislocations by investing across the country’s top 25 metropolitan statistical areas (MSAs).

The primary focus will be on institutional-quality, class A office properties in markets with strong growth fundamentals