Cain International Expands U.S. Reach, Buys $1.2B Of New York CRE Loans
London-based Cain International is deepening its holdings in New York, taking advantage of dislocation in the banking industry.
Cain bought a $1.2B portfolio of 10 New York construction loans from Pacific Western Bank, it announced in a release. The portfolio is made up of construction loans focused on multifamily and student housing, with an aggregate principal balance of roughly $500M.
The acquisition is the latest investment from UK-based Cain, which is backed by billionaire Todd Boehly and established itself as a major lending player in U.S. markets in 2019 with a $750M construction loan to luxury hotel Aman New York.
“This marks a significant moment of growth for Cain’s U.S. lending platform and underpins our belief that high-quality projects, delivered by high-quality developers, will continue to thrive amidst transitory headwinds,” Jonathan Goldstein, CEO and co-founder of Cain International, said in a statement.
The firm’s New York acquisition was made in partnership with Security Benefit Life Insurance Co., which Cain International Managing Director and Head of U.S. Debt Matthew Rosenfeld cited as an example of how the investment firm plans to continue its expansion in the U.S.
“This transaction encapsulates the thoughtful and decisive approach with which we’ve built our presence in the U.S. capital markets,” he said in a statement. “Partnering with outstanding sponsors to deliver best-in-class assets has been, and will remain, the foundation of our lending strategy as we continue to grow.”
Cain currently manages more than $15B in assets in Europe and the U.S., and has provided more than $7B in loans since it was founded nine years ago.
The firm is not sticking to a singular asset class with its lending: It recently provided financing to Lendlease for its 440-unit residential property The Reed in Chicago's South Loop, as well as to IQHQ's 1.7M SF San Diego life sciences campus, Research and Development District, which will be a mix of office, lab and retail.
Cain is also involved in other major U.S. development projects, including a massively successful 725-foot office project in Miami, 830 Brickell, the city's first new office tower in a decade. It also co-developed One Beverly Hills, a 17.5-acre mixed-use resort, and a Raffles hotel and condo tower in Boston's Back Bay.
