AB CarVal has entered into three partnerships to expand its US commercial real estate private credit capabilities within multifamily and residential development.
The $20bn (£14.8bn) alternatives manager has partnered with Cedarline Lending to fund homebuilder loans, Sunday Capital to fund first-lien transitional multifamily loans, and North River Partners on three middle-market stretch senior multifamily construction loans.
As part of its partnership with Cedarline Lending, AB CarVal has acquired a homebuilder loan portfolio with more than $150m in commitments. Cedarline Lending specialises in senior-secured vertical construction, acquisition and development residential loans for homebuilders in the Pacific Northwest and Mountain West.
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Meanwhile, AB CarVal has partnered with Sunday Capital, which is based in California and New York, to fund first-lien transitional multifamily loans ranging from $1m to $25m in core US markets.
In the fourth quarter, AB CarVal’s funds provided $40m in capital for senior-secured, lower and middle-market US transitional multifamily bridge loans with Sunday Capital, the firm said.
“Partnerships with well-respected lenders and developers have been a critical part of our strategy across asset classes, including multifamily and residential development, and we are pleased to establish relationships with these experienced firms,” said Scott Greenfield, managing director with AB CarVal. “We believe that transitional lending on affordable US housing, where population demographics have created higher demand currently not being met by US supply, will continue to be a compelling private credit financing opportunity.”
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Separately, North River Partners received $98m from funds managed by AB CarVal for three financings.
“The construction industry is currently facing multiple headwinds, including inflationary cost pressures, tariffs, high interest rates, pockets of oversupply, and challenging equity capital markets,” said Ryan Murray, director with AB CarVal. “Private credit serves as a flexible capital solution and strategic lending partner for borrowers seeking bridge and construction loans on projects that meet sustainable housing demand in undersupplied markets, and we look forward to expanding our strategy in 2026.”
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