(Read more on the debt and equitymarkets.)
DES MOINES-Armed with a three-year investment scenario,Principal Real Estate Investors LP has launched its firstcommingled debt fund with $225 million of equity. The leveragedplan for Principal Mortgage Value Investors LP will generate morethan $1 billion for value-added commercial real estate financings,including bridge loans and subordinated debt.
Principal Life Insurance Co. has kicked in 10% of the equity;the balance is coming from US investors, who were rallied during ashort road show. "This will enable us to do more of what we'vealready been doing," Margie Custis, managing director for thelocally based Principal, tells GlobeSt.com about the addition tothe full-service lending platform. It is projected that acommercial real estate CDO will be issued in early 2008.
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