SAN FRANCISCO-Shorenstein Properties LLC says it has re-closed its latest fund after growing its capital commitments to more than $2 billion. After previously closing with $1.3 billion in committed equity Shorenstein re-opened the fund to additional commitments at the end of 2007 to take advantage of disruptions in the debt markets. Shorenstein itself has committed $154 million to the fund.

The locally based company’s chief executive Doug Shorenstein says the dislocation of the credit markets last summer, and the ongoing uncertainty created by that event, makes this a good time to have committed discretionary capital. “We think the market in front of us will present opportunities to make attractive debt and equity investments for those investors with the right combination of patience, expertise and capital,” he says.

Fund Nine focuses on value-added office and mixed-use properties located in major markets throughout the US. In addition to single asset acquisitions, investments have included portfolios of properties, preferred equity, mezzanine loans, ground-up developments, and structured joint ventures.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.