Credit-focused alternative asset manager Benefit Street Partners (BSP) has held the final close of BSP Real Estate Opportunistic Debt Fund II, securing $3 billion in equity commitments and providing approximately $10 billion of investable capital when including related vehicles and anticipated leverage. 

In line with its predecessor, ODF II will originate senior and junior commercial real estate debt across major U.S. markets, with a particular emphasis on the multifamily sector. 

“The continued shift toward private credit solutions in U.S. commercial real estate lending is creating an opportunity set we believe is both compelling and enduring,” said David Manlowe, CEO of BSP. “With our scale, experience, and disciplined approach to credit, BSP is well positioned to capitalize on today’s market environment.” 

“With traditional lenders pulling back and a significant wave of maturities ahead, we see a favorable backdrop for well-capitalized private lenders,” added Michael Comparato, senior managing director and head of real estate at BSP. 

BSP’s real estate debt platform has been active in commercial real estate lending since 2013 and has originated more than $30 billion of investments. BSP is a wholly owned subsidiary of Franklin Templeton.