WESTPORT, Conn.--(BUSINESS WIRE)--Northlight Capital Partners, a leading middle-market real estate credit fund manager, has announced the second closing of its third institutional fund, Northlight Real Estate Opportunity Fund III (“NREOFIII”). Together with Northlight’s co-investment separately managed accounts, total capital commitments now exceed $125 million.
“We are grateful to our anchor investors who have continued to support our investment strategy across our fund vehicles. We are also happy to have new institutional and family office clients who are attracted to our opportunistic credit strategies,” said Ben Gerig, Chief Executive Officer of Northlight Capital Partners.
NREOFIII has already closed on 14 transactions, totaling $109 million of fund and co-investment equity capital. These investments range from acquiring sub- and non-performing loans secured by real estate to originating new loans secured by residential land development projects.
“Since our founding in 2011, our firm has focused on identifying and targeting underserved credit markets, whether we were providing bankruptcy DIP or exit facilities, financing brownfield projects or acquiring PPIP residual loan portfolios arising from the Great Financial Crisis. Over the past twelve months, our acquisitions have focused primarily COVID-impacted loans. These investments have tracked well with several quick resolutions to date. Regarding our loan origination business, we have recently focused on financing expert but undercapitalized residential land development groups. We believe approved land is the largest bottleneck in filling the undersupply of homes nationally for the next several years,” Ben Gerig continued.
Northlight expects to have the NREOFIII final closing at the beginning of the second quarter of 2022.
About Northlight Capital Partners, LLC
Northlight Capital Partners, LLC (“NCP”) is a leading middle-market real estate credit fund manager headquartered in Westport, CT. The company manages capital on behalf of various institutional and family office clients. Since 2011, NCP has managed and advised on investment vehicles totaling more than $500 million of capital, acquiring sub and non-performing loans and originating special situation debt and preferred equity. For more information, please visit https://nlightcp.com.
