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Cerberus Business Finance Raises $4.4B for U.S. Direct Lending Strategy
March 10, 2021, 08:10 AM
Cerberus Capital Management announced that its middle-market direct lending platform, Cerberus Business Finance, completed the final close of its latest flagship fund, Cerberus Levered Loan Opportunities Fund IV (âFund IVâ). Fund IV closed with $2.4 billion of equity commitments and, in total, Cerberus Business Finance raised more than $4.4 billion of equity commitments for its strategy across Fund IV and separately managed accounts. Together with additional fund-level leverage commitments, this raise brings Cerberus Business Financeâs total capital to over $20 billion.
Distressed investment specialist Cerberus Capital Management has hauled in $4.4bn for its latest middle-market direct lending fund and separate managed accounts.
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Only two loans worth more than $100 million for the acquisitions of 265-275 Cherry Street and 15 Park Row in Lower Manhattan were recorded in February. (WikiMedia, Asland)
The 10 largest Manhattan loans recorded in February totaled $700 million, a 63 percent decline from January’s total.
Seasonality may have been a factor in the drop in activity, as February was also a slow month for real estate lending in 2019 and 2020. This February wasn’t the slowest month since the start of the pandemic, however that was August, when the top 10 Manhattan real estate loans totaled just $428 million.
As was the case in August, lending volume in the outer boroughs was actually greater than in Manhattan last month. Only two loans worth more than $100 million were recorded in the borough in February: a pair of acquisition loans for properties in Lower Manhattan.
March 9, 2021 11:55 a.m.
As its investigation into the former president continues, the Manhattan district attorney’s office is eyeing the loan the Trump Organization received from a hedge fund and private equity company for its eponymous Chicago skyscraper.
Documents subpoenaed late last year from Fortress Investment Management, first reported by CNN Monday night, are related to the $130 million loan the company made to the Trump Organization for the construction of a luxury hotel and condo tower in downtown Chicago.
The documents could be a critical piece in puzzling together ways that Trump persuaded lenders to cut him a break after defaulting on loans, which he may not have recorded as income as required by the Internal Revenue Service.
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