Pender Capital Launches Fund for Private CRE Debt
Los Angeles-based Pender Capital, a provider of short-term, senior secured commercial bridge loans, launched the Pender Real Estate Credit Fund, a continuously offered closed-end interval fund focused on private commercial real estate debt. The fund intends to originate lower middle market short-term bridge loans that are secured by senior position collateral in CRE assets across the Sunbelt, and other key “flyover” regions of the U.S.
“Lending criteria and underwriting standards are fragmented, inconsistent, and regionally imbalanced with many lenders currently out of the marketplace,” said Pender CEO Cory Johnson. “We have a perfect storm of high-quality CRE assets and sponsors facing frozen capital markets and unfavorable terms from lenders. We believe that this vehicle will help mitigate these challenges for investors.”
With a $10,000 investment minimum and no accreditation requirements, the closed-end interval fund structure is attracting capital from new participants, such as wealth management and financial advisors.