Castle Lanterra Launches Credit Opportunities Platform
Castle Lanterra (CL), a New York-based national real estate investment firm, announced the launch of CL Credit Opportunities, a debt platform focused on the origination and acquisition of mezzanine and preferred equity.
The firm plans to deploy $500 million in equity over the next 12 months.
The platform will be run by industry veteran James Glasgow as CIO, who along with a team of five will focus on special situation opportunities, including rescue capital, distressed and high-yield debt and REO/bankruptcy.
The team includes Christopher Sadick and Raymond Yen, who were principals with BLT Green Hollow, a special situation focused commercial real estate investment platform founded by Glasgow in 2019. Ivan Chen, Chris Comerford and Ryan Glasgow join as associates.
“Given current market dynamics, more selective lending criteria and climbing interest rates, we are seeing a liquidity crisis affecting owners, developers and investors,” said Elie Rieder, founder and CEO. “We believe that we have a tremendous opportunity to provide our expertise in the mezzanine debt and equity space, as well as the ability to create customized financing programs for investors.”
Since inception in 2009, CL has completed over $3 billion of transaction volume across 12,000 multifamily units and over 890,000 square feet of commercial space.