Currently, Llenrock is focusing on providing capital in the $20-million to $200-million range as well as brokerage services, Benioff says. "That is our sweet spot." Placement goals for this year are fairly modest--ranging between $115 million to $200 million. Benioff is already working on some transactions including "a number of multifamily transactions on both debt and equity side, some office on the mezz and equity side, a fairly large number of hotel deals from equity to construction debt to acquisition debt and both equity and acquisition debt for a large retail portfolio." Capital sources to which the firm is offering access include public and private joint venture equity, high net worth individuals, international and US banks, pension and hedge funds, life insurance companies and both domestic and foreign-based credit companies.
There are two executives currently staffing Llenrock; besides Benioff--who was managing partner and head of the hospitality and leisure finance group at BlueStone Real Estate Capital, Joseph Cacciapaglia is director of investments. He has worked as a financial analyst for both United Dominion Realty Trust and Brandywine Realty Trust, and as an associate at BlueStone Real Estate Capital.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
