well as the needs of its borrowers. ACORE’s track record of flexibility and adaptability has enabled it to maintain long-standing industry relationships, resulting in significant repeat business. In fact, as of December2019, 57% of ACORE’s business had been secured with repeat ACORE borrowers. Moreover, as of that date,ACORE had $16.9 billion of assets under management. Within the past three years, ACORE has originatedmore than 210 loans totaling more than $16 billion. This activity has established the firm as one of the largestprivate transitional commercial real estate lenders in the nation. In addition to growing its team to more than90 people while opening offices across the country, ACORE revealed the final closing of ACORE CreditPartners I in 2019, as its first discretionary commingled real estate debt fund. The fund raised a total of $556million, with a focus on originating and managing transitional commercial real estate debt investments in theUS. Additionally, in 2019 ACORE launched its 10-year fixed rate lending program, providing borrowers withanother practical financial product.
ALLIANT CREDIT UNION’S COMMERCIAL LENDING TEAM
Punching above its weight to grow its portfolio and deliver value for its members, Alliant Credit Union has made its mark by challenging market perceptions about the role of credit unions in the commercial real estate industry. Because the firm opened itsbalance sheet to innovative loan structures and certain niche property types, Alliant has charted a new course for itself and othercredit unions. A balance sheet lender offering flexible financing solutions to meet almost any borrower need, Alliant financedmore than $371 million of commercial real estate in 2019, including a $61.9 million loan for a 1,540-unit, seven-property apartment portfolio in Tulsa, Oklahoma. Alliant’s deep team of experienced loan officers use their expertise to identify niche propertytypes that meet the credit union’s underwriting parameters. By doing so, Alliant has become a prominent force in lending formanufactured housing communities, parking operations and self-storage facilities, among other specialties. With a goal to redefine the credit union’s role in the capital stack for industry borrowers and investors, Alliant’s commercial lending team works withexperienced brokers to finance transactions typically ranging from $5 million to upwards of $35 million. Alliant’s commerciallending portfolio has more than tripled in size. This growth has been strategic in nature with the resulting portfolio curated tominimize an assortment of risks including geographic, asset and borrower concentrations. Alliant’s commercial portfolio contains159 loans spread out across 33 states. Overall, the portfolio has a conservative loan to value of 58.5% and a combined debt servicecoverage of 1.79 multiple.
CALMWATER CAPITAL’S ORIGINATIONS TEAM
As a direct commercial real estate lender investing late in an economic cycle, Calmwater Capital plots carefully and strategically todeploy capital. With a typical loan size of $7 million to $75 million and a duration of two to three years, the firm focuses on investments in short-term private debt—which has become a globally recognized institutional asset class. Calmwater Capital’s originationteam identifies and capitalizes on unique opportunitiesby combining an institutional process with the flexibility of direct lending. Thisapproach gives them theability to reap the benefits ofmarket inefficiencies. Anadded focus on downsideprotection and outstandingreturns create a favorableopportunity for the firm’sinvestors across all market
Charles Krawitz Paul Letourneau Peter Margolin Tim Madigan Yonah Sturmwind
Larry Grantham Mike Giannone
Warren de Haan
Jeremy Burton John Zubak