Invesco Commercial Real Estate Finance Trust Announces Closure of Multiple CRE Loan Transactions
Invesco Commercial Real Estate Finance Trust Inc., a perpetual life real estate investment trust focused on private credit secured by real estate, reported the closure of six loan transactions. These transactions increase the company’s aggregate loan originations to 22 loans totaling $1.4 billion in committed capital. The portfolio now includes 17 multifamily and five industrial loans, all secured by commercial real estate.
Invesco Real Estate launched the REIT one year ago as a private fund focused on bringing private real estate credit to accredited investors by originating, acquiring and managing a diversified portfolio of loans and debt-like preferred equity interests related to commercial real estate.
“The origination of well over a billion dollars in loans since [Invesco Commercial Real Estate Finance Trust’s] inaugural origination in May 2023, marks an important milestone for this strategy,” said Bert Crouch, chief executive officer of the REIT and head of North America for Invesco Real Estate. “Invesco Real Estate’s expertise and relationships position us favorably to source and underwrite loans that are accretive to our strategy. We look forward continuing to work with our trusted borrowers and partners.”
The REIT reported closing on the following loans:
- A $47.3 million floating-rate senior loan was to facilitate the acquisition and lease-up of a Class-A industrial property spanning 258,506 square feet in Orange County, Calif. Strategically situated within an infill submarket, the property benefits from connectivity to major transport corridors, offering convenient access to the ports of Los Angeles and Long Beach, as well as LAX International Airport, Long Beach Airport, and Orange County John Wayne Airport.
- Two floating-rate senior loans totaling $46.2 million were for the refinancing of two Class-A, multifamily properties located in the Dallas-Fort Worth metropolitan area. The first loan is secured by a newly-built community with 180 units, while the second loan is for a 179-unit community constructed in 2021. Both communities are highly amenitized and centrally located, according to the REIT.
- A $40.7 million floating-rate senior loan supported the acquisition and renovation of a 240-unit garden-style apartment complex located in the Plano submarket of Dallas-Fort Worth. The property is proximate to key employment centers, highly rated schools and diverse retail and entertainment options, all situated within a 5-mile radius.
- A $40.4 million floating-rate senior loan was for the acquisition and lease-up of a 2019 Class-A, midrise multifamily property located in Jacksonville, Fla. The 263-unit property is highly amenitized, according to the Invesco REIT, and is proximate to downtown Jacksonville and the city’s medical district.
- Finally, a $33.5 million floating-rate senior loan supported the acquisition and refurbishment of a 130-unit low-rise apartment complex located in the Bay Area, Calif. The loan was made to a multirepeat institutional borrower and is located in an in-demand suburban node characterized by high incomes and a deep employment base.
“We are pleased to have over 20 loans in our portfolio, with the most recently originated six loans evidencing our continued ability to hold credit standards in a competitive market environment,” said Charlie Rose, president and lead portfolio manager of the REIT and global head of credit for Invesco Real Estate. “Our focus has remained consistent since launching our real estate credit strategies, and these loans further evidence the importance of our focus on relationship sourcing, with a portfolio now fully comprised of leading institutional sponsors.”
Invesco Commercial Real Estate Finance Trust Inc. is a continuous private offering exempt from the registration provisions of the U.S. Securities and Exchange Commission. It is managed by Invesco Advisers Inc., a subsidiary of Invesco Ltd. and the registered investment adviser for Invesco Real Estate, the real estate investment center of Invesco Ltd.
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