JCR Capital has collected $329.5 million for its third fund, which closed January 14, well ahead of its $250 million target.
The Denver-based real estate fund manager launched JCR Commercial Real Estate Finance Fund III in March 2014 and held a first close in June of that year.
JCR’s strategy for the fund series is to provide capital to real estate sponsors seeking financing for distressed, opportunistic and value-added real estate in the US, primarily focused on markets west of the Mississippi River. In addition to equity, JCR will also originate debt on value-added, opportunistic and distressed properties. The firm is targeting a 16 percent net internal rate of return for JCR Commercial Real Estate Finance Fund III.
JCR to date has deployed $117 million of the capital from the fund. One of its first purchases was an $8.5 million opportunistic investment in five Class B multifamily assets around Tampa, Florida in June 2014. The firm is under contract now to sell the portfolio.
Public pension funds, foundations, insurance companies, endowments, foundations, fund of funds and family offices were among the investors in Fund III, according to a statement from the firm. The fund saw more than an 80 percent re-up rate from Fund II, which attracted more than $100 million of capital and closed in March 2013.
Perth Advisors has been the placement agent for the fund series.
“We continue to see years of opportunity, as our strategy is directly tied to the aging of America and anticipated ownership turnover of middle market assets, which leads to financing needs,” said Jay Rollins, JCR’s chief executive officer, in a statement.