Debt

Portobello Dock

Our global debt platform, which has been investing since 1935, has an AUM of $24.2bn across the US and UK. We invest across the capital structure, seeking income-focused, stable and attractive, risk-adjusted total returns for investors through a diversified portfolio of commercial real estate debt (CRE debt) investments. We have an extensive origination network and in-house capability in debt structuring, syndication, portfolio management and debt enforcement and structuring. We have developed a suite of products for a range of investors and provide efficiently priced financing solutions for equity sponsors.

 
Jack Gay R3

Jack Gay

Fund Manager

Jack's biography
Having been active in the CRE debt market since 1935, we have built up a global debt platform with $24.2bn AUM. Our seasoned team of professionals is supported by an established real estate investment platform, ensuring our ability to source and manage the very best opportunities for our clients.
Jack Gay R3

Jack Gay

Global Head of Commercial Real Estate Debt

With over 32 years of investment experience, Jack Gay is Managing Director and Global Head of Commercial Real Estate Debt.

+17049881978 More about Jack
Christian Janssen

Christian Janssen

Head of Debt

Christian is the Head of Debt and has more than 20 years’ experience in real estate finance, fund management, securitisation and capital markets. Prior to joining the company, Christian was a Fund Manager and Co-Head of Commercial Real Estate Lending at Renshaw Bay, where he set up and launched its maiden CRE Debt fund.

+442037278239 More about Christian
Christoph Wagner R3

Christoph Wagner

Director of Debt Strategies, Origination & Structuring

Christoph focuses on origination and structuring of commercial real estate debt. He has been active in the industry for over 19 years in Europe, and has experience in origination, underwriting and credit analysis, structuring and execution of loans, portfolio management, real estate structured finance, and asset management.

+442037278277 More about Christoph
Shawn Kaufman R3

Shawn Kaufman

Director of Debt Strategies, Origination & Syndication

Shawn is a Director of Debt Strategies focusing on Origination & Syndication of CRE debt and has more than 16 years of experience in real estate finance, syndicated loans, securitisation and capital markets.

+442037278205 More about Shawn

Jason Rodrigues

Vice President, Debt Underwriting & Execution

As Vice President in the Debt team, Jason is responsible for underwriting and completing new transactions. He has 13 years of experience in the real estate industry.

+442037278198 More about Jason
Grainmarket

Student accommodation and retail, London

In December 2014, the CRE debt team closed the first investment on behalf of the TIAA Henderson Real Estate Enhanced Debt Fund. The £13.0m (c.$20.3m), c.73% LTV, five year loan is secured on a recently completed, high quality retail and student accommodation property in West London. The asset provides retail accommodation on the ground floor and studios specifically designed for student occupation on the upper floors. Against a backdrop of strong demand for modern, purpose-built units in a sector that is undersupplied in London, the property offers defensive fundamentals.

The CRE debt team worked with an experienced family office sponsor who intends to hold the property long-term after assembling the site and completing the redevelopment in 2011. The borrower benefits from a competitively structured and priced financing package from one provider and the CRE debt team intends to syndicate a senior portion of the loan to enhance returns for the Fund.

- 5 year floating rate loan

- £13.0m ($c.20.3m) financing

- c.75% loan to value

"Student accommodation used to be regarded as a niche asset class, but over the last ten years many property investors have realised the attractive supply and demand dynamics in this sector. TH Real Estate brought together the specialist property, research and debt expertise to analyse the risks inherent in this transaction appropriately. The result is a highly competitive financing package for the sponsor and, following successful syndication, a conservatively structured, yet high yielding investment for the Fund."

Christoph Wagner R3

Christoph Wagner
Director of Debt Strategies 

21 Ironmonger Lane

Office and retail, UK

In April 2015, the CRE debt team closed the £52.6m (c.$82.0m) Grainmarket Portfolio loan. The 75% LTV, six year loan is secured by 10 office and retail properties with 73% of the income derived from central London assets and 27% from well-performing UK regional assets. The portfolio has a granular lease expiry profile and is reversionary in comparison to a strong central London office market.

- 6 year loan

- £52.6m (c.$82.0m) financing

- c.75% loan to value

 

"The CRE debt team worked hand in hand with our direct real estate fund management teams to underwrite this portfolio. Collectively, we identified this investment as a stable portfolio with the potential for increased future cash flow as a result of the near term lease rollover and positive dynamics in the central London office market, as well as an improving UK regional market over the next three to five years." 

Shawn Kaufman

Shawn Kaufman
Director of Debt Strategies 

Mobil Building

Mobil Building, New York, US

In December 2014, we formed a $1bn joint venture with The Korean Teachers’ Credit Union (KTCU) to invest in commercial mortgages in the US. The joint venture, which is managed by TIAA-CREF, is 51% owned by TIAA-CREF and 49% owned by KTCU. The investment targets are commercial mortgages backed by office, retail, industrial, and multifamily properties located in major cities in the US, including New York and Los Angeles.

The joint venture’s first investment was a mezzanine loan on the Mobil Building, a Class A office property located in Manhattan on 42nd Street and Lexington Avenue. Mount Sinai Hospital and Wells Fargo Bank occupy the property with a long-term lease of over 18 years. The investment size was approximately $175m.

201 Maple Street

201 Maple Street

In Q3 2014, we provided a $123m construction loan, secured by a future office building leased to the United States of America. Upon completion of the building and commencement of the lease, the construction loan will be converted to a 20-year permanent loan of approximately $130.8m. The project will serve as the new regional headquarters location for the Federal Bureau of Investigation (FBI). The buildings are to be constructed to Federal Level IV security and will also be designed to meet the requirements for LEED silver certification.

Note: Past performance is not a guide to future performance.