DALLAS, May 14, 2024
/PRNewswire/ -- Invesco Commercial Real Estate Finance Trust,
Inc. ("INCREF"), a perpetual life real estate investment trust
(REIT) focused on private credit secured by real estate, announced
today that it has closed six loan transactions year-to-date,
totaling $499.2 million in committed
loans for multifamily properties situated in
well-performing submarkets. These transactions increase
INCREF's aggregate committed loans since inception to 16 loans
totaling approximately $1.2
billion.
"INCREF remains committed to originating loans that benefit
borrowers and its portfolio alike," said Bert Crouch, Chief Executive Officer of INCREF
and Head of North America for
Invesco Real Estate. "These transactions are a testament to
Invesco's relationship driven, bespoke approach to lending that
focuses on institutional quality assets, well-known sponsors, and
diversification across geographies and borrowers."
"As continuous participants in the market, we aim to be the
steady hand throughout market cycles," said Charlie Rose, President and Lead Portfolio
Manager of INCREF and Global Head of Credit for Invesco Real
Estate. "We are pleased to continue to scale our platform during
this period of elevated interest rates with loans secured by assets
in our highest conviction sectors and advanced at moderate leverage
levels against property values which have reset significantly
versus recent peak valuations."
INCREF closed on the following multifamily loans:
- Two floating-rate senior loan facilities at $120.0 million and $150.0
million, for the acquisition and aggregation of a townhouse
portfolio located throughout Brooklyn,
NY. The two facilities closed in February with an initial
acquisition of 103 units (22-property portfolio) and in May with an
initial acquisition of 82 units (22- property portfolio),
respectively. The luxury properties feature large, full-floor units
with outdoor space at affordable price points.
- $66.0 million floating-rate,
cash-in refinance loan for the continued renovation of a
multifamily portfolio consisting of thirteen properties located
across Redondo Beach and
Torrance, CA. The portfolio
benefits from a diverse blend of top-rated public schools, retail,
restaurants and recreational amenities, with the added perk of
proximity to beach cities boasting 10-miles of beach access.
- $61.5 million floating-rate,
cash-neutral refinance loan secured by a newly-built, Class-A
mid-rise apartment community totaling 356 units located in
Houston, TX. This property offers
access to I-610, I-45, I-10, and I-69, providing residents
convenient drive-times to several major employment centers,
including Galleria and Texas Medical Center.
- $56.6 million floating-rate
senior loan for the refinance of a recently developed 150-unit
active adult property featuring 1 to 2-bedroom floorplans located
in Orange County, CA. The property
is proximate to the beach and situated next to a golf club,
providing access to recreational activities and dining
options.
- $45.0 million floating-rate
senior loan for the acquisition and continued renovation of a
six-property multifamily portfolio totaling 222-units located
across three sought after Los
Angeles neighborhoods. The portfolio offers convenient
access to major employment nodes across the greater Los Angeles area, as well as a variety of
retail, dining, entertainment, and recreational amenities.
About INCREF
Invesco Commercial Real Estate
Finance Trust, Inc. is a monthly net asset value (NAV)
non-listed real estate investment trust that originates, acquires,
and manages a portfolio of loans secured by commercial real estate
(and similar investments) primarily located in North America. INCREF is managed by Invesco
Advisers, Inc. (the "Adviser"), a subsidiary of Invesco Ltd. and
the registered investment adviser for Invesco Real Estate, the real
estate investment center of Invesco Ltd. This does not constitute
an offer or solicitation to buy or sell any securities. An offering
can only be made by the applicable offering memorandum.
About Invesco Real
Estate
Invesco Real Estate
is a global real estate investment management business with $86.7
billion in real estate assets under management, 614 employees and
21 regional offices across the U.S., Europe and Asia as of December
31, 2023. Invesco Real Estate invests across the risk
return spectrum, from core to opportunistic; in equity and debt;
listed and direct; locally and globally.
About Invesco Ltd.
Invesco Ltd. (Ticker
NYSE: IVZ) is a global independent investment management firm dedicated
to delivering an investment experience that helps people get more
out of life. Our distinctive investment teams deliver a
comprehensive range of active, passive, and alternative investment
capabilities. With offices in more than 20 countries,
Invesco managed $1.66 trillion
in assets on behalf of clients worldwide as of March 31, 2024. For more information, visit
www.invesco.com
Contact: Beverly Khoo |
332-323-8029 | beverly.khoo@invesco.com
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SOURCE Invesco Commercial Real Estate Finance Trust, Inc.