Timbercreek Capital, a Canada-based investment manager that specializes in alternative assets, has launched a private debt fund in partnership with an unidentified institutional investor to pursue shorter-term secured mortgages for commercial properties in Canada and the United States. Timbercreek North American Mortgage Fund (TNAM) will target multi-family, industrial, office, retail, self-storage and land assets as well as first, second and mezzanine security positions, according to a press release.
“Timbercreek firmly believes that actively managed debt will be an accretive component of investment portfolios in both the short and long-term,” said Blair Tamblyn, CEO. “The TNAM strategy builds on this by investing in the middle-market lending space, with a focus of growing the presence in North America, specifically the United States. Together with our partner, we are looking forward to yielding long-term value while providing attractive investment returns.”
The fund is expected to generate a 9% to 10% annual net return, primarily through interest income, the release stated.
Founded in 1999, Timbercreek provides structured financing solutions to real estate owners and investors across select markets in Canada, Ireland, the United Kingdom and the United States. Since 2007, the company originated, underwritten, funded and serviced more than 650 loans representing more than $13 billion in capital, according to the release. It has offices in Canada, Ireland and the United States.