NEWPORT BEACH, CA-Buchanan Street Partners has closed its value-added Buchanan Fund V at a substantially higher figure than originally envisioned, securing $414 million in equity commitments for a fund that initially targeted a goal of $300 million to $350 million in commitments. The fund invests in properties across the US, including recent deals here in Southern California.

Buchanan Fund V makes mezzanine, hybrid debt and equity investments in office, industrial, retail and multifamily properties nationwide, with a range of investors including pension plans, insurance companies, banks and private investment groups. Its commitments so far total $133.5 million for properties with total projectcosts of more than $500 million in California, Nevada, New Mexico, Colorado, Texas, Missouri, North Carolina and Florida.

Chris MacDonald, executive vice president and a founder of Buchanan Street Partners, says that exceeding the firm's target capitalization by such a significant margin "is a clear sign that commercial real estate continues to be appealing to investors across the board." Buchanan provides real estate capital and advisory services for owners and developers as well as investment management for institutional and high-net-worth investors.

In one of its recent deals, for example, the firm provided $15.7 million in equity and arranged a loan through AIG Global Investment Corp. for the acquisition of two buildings totaling 467,000 sf of R&D/industrial space at 1445 and 1446 Lawrence Dr. at Conejo Spectrum Business Park in Thousand Oaks, a project sponsored by Voit Development Co. The joint venture of Voit and Buchanan will create value through the leasing and re-tenanting of the two-building project, according to Steve Blue, senior vice president of Buchanan Street Partners.