Allegiant Real Estate Capital and Greystone are teaming up to pursue US commercial real estate debt opportunities, the firms said Tuesday.
The New York-based firms plan to invest first in multifamily and skilled nursing properties across the capital structure.
Randy Reiff founded Allegiant in September as a spinoff of Cerberus Capital Management affiliate FirstKey Lending. During his time at FirstKey, Reiff worked with the Greystone team as a lender and a partner, he told PERE.
The partners do not have an investment-pacing target, but Reiff said they “expect to deploy a significant amount of capital over the next 12-24 months.”
“We think there will be attractive recapitalization opportunities coming in the multifamily space,” Reiff told PERE.
In this new partnership, the firms said Allegiant benefits from Greystone’s capital for co-investment and from the firm’s experience as an owner and operator in the multifamily and skilled nursing space, while Allegiant can enhance Greystone’s commercial real estate capabilities.
Allegiant launched with an advisory agreement to deploy up to $500 million in commercial real estate debt on behalf of an unnamed financial services firm. In February, the firm funded a $60 million senior mortgage to refinance a loan collateralized by a school in Manhattan, PERE previously reported. The property is 100 percent net leased to one tenant that plans to renovate the building.
In March, the firm secured its first round of equity capital since its launch. Anthony Tufariello, the former co-chief investment officer of real estate at Fortress Investment Group, and New York developers Ziel Feldman and Nir Meir made a “strategic investment” of an undisclosed size in the firm. Allegiant planned to use the capital infusion to expand its limited partner base, grow its assets under management and broaden its product offering.
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