DENVER—JCR Capital, a Denver-based real estatefinance company, announced the first close of its third fund, theJCR Capital Commercial Real Estate Finance FundIII, L.P.

The first close had $105 million in commitments, including a$26 million GP investment. Fund III is targeting atotal capitalization of $250 million with a finalclose at year end.

Fund III will continue the strategy from Funds I and II ofproviding customized capital solutions to commercial real estatemiddle market sponsors whose assets do not typically attractinstitutional capital. The fund is national in scope, with anemphasis on the Western United States. FundIII targets short duration investments, typically six to 36months, in multifamily, retail, industrial, office, andfinished lots using a diversified mix of senior debt, participatingdebt, and structured equity positions. In line with the prior JCRfunds, Fund III is credit focused with a mandate of protectingprincipal while providing investors with excellent risk adjustedreturns, including current pay and profit participationcomponents.