Cleveland-based Citymark Capital, headquartered in the One Cleveland Center , has struck a joint venture that could profit from the refinancing of an estimated $650 billion in multifamily debt nationally.CLEVELAND, Ohio - Cleveland-based Citymark Capital, the real estate fund manager, has struck a joint venture that could profit from the refinancing of an estimated $650 billion in multifamily debt scheduled to mature in the United States in the next two years.
The venture with PGIM Real Estate, the global asset manager of Prudential Financial Inc., would deploy $500 million in capital to acquire senior loans or other structured positions backed by multifamily assets, the partners said in a A loan program for mortgages as low as $25,000 aims to help fill the home ownership gap in Cleveland, elsewheThe focus will be on providing capital solutions for debt held by banks, which are facing increased regulatory pressure amid higher interest rates and tightening credit standards, the partners said.If you purchase a product or register for an account through a link on our site, we may receive compensation.