LOS ANGELES–Genesis Capital, LLC, an investment manager for funds focused on commercial loans in the residential real estate markets, plans to expand its business operation following a direct investment from Oaktree Capital Management.
Genesis provides short-term loans to qualified real estate investors active in the distressed, single-family home marketplace. An affiliate of the Oaktree funds has also committed up to $100 million to a new vehicle formed by Genesis Capital to invest in loans made to these investors. Genesis Capital is led by Trixy Weiss, president and CEO; Robert Wasmund,senior managing director; and Andrew Smith, senior managing director.
“Forging a relationship with Oaktree is an integral step in the growth of Genesis Capital,” said Weiss. “The corporate investment in Genesis Capital will be utilized to expand our operations, talent and geographic footprint. The fund investment will help us meet heightened demand for residential real estate financing.”
The Oaktree investment in the new vehicle can be increased to up to $250 million following Genesis Capital's registration as an investment adviser with the Securities and Exchange Commission.
Funds managed by Genesis Capital have provided commercial loans to residential real estate investors since 2007. Genesis Capital, based in Los Angeles, also operates in conjunction with its sister organization, Genesis Auctions, an internet-based disposition platform providing distressed single-family home product for sale and investment.
“Led by an experienced management team, Genesis Capital is well prepared to capitalize on strong market demand for investor financing of distressed residential home properties,” said Brian Laibow, Managing Director, Oaktree Capital Management, L.P. “With shadow inventory still significant, and sister firm Genesis Auctions' ability to access it directly from banks, servicers and private sellers, Oaktree recognized the firm's competitive advantages in this lending market, as well as the benefits of making investments in the firm and this new fund.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
