–Broadshore Capital Expands Debt Program With Addition of Special Situations Debt Group
–New York-based team transitions to Broadshore
Broadshore Capital Partners, a national real estate investment management and advisory services company, announced that it is adding a Special Situations Debt Group (“SSDG”), led by Managing Director Donald Sheets, formerly with Clarion Partners, broadening the scope of its long-standing debt business as a second program within Broadshore’s Real Estate Finance Group.
SSDG will manage a mix of performing, sub-performing and non-performing commercial mortgage debt acquired from banks, insurance companies, government agencies and special servicers.
“The Broadshore team has a successful high-yield debt program, developed over more than 30 years, providing financing solutions for commercial real estate and it is now joined by the accomplished team built by Donald Sheets. The combination brings new capabilities and diversity to this important business sector,” said Bleecker P. Seaman, co-CEO of Broadshore. “The addition of the Special Situations Debt Group is the realization of a focused growth strategy for Broadshore’s debt program, consistent with the objectives outlined when we consolidated the company’s ownership and rebranded as Broadshore in January 2019.”
The senior team leading SSDG brings to Broadshore more than a decade of experience and success in managing this distinctive commercial real estate debt strategy. Sheets is joined by James Pomeranz and Kevin Pertsovsky. The group’s vertically-integrated portfolio management and in-house loan administration team provides the ability to quickly review acquisition opportunities and resolve investments. This approach has attracted significant capital commitments from a leading domestic pension fund as well as a prominent endowment. SSDG targets first-lien commercial real estate mortgage credit secured by quality real estate with principal balances ranging from $5 to $30 million+.
“Broadshore is committed to building this platform and our in-house team. Together, we anticipate significant growth for the business over the next three years, with the ability to build a portfolio in excess of $1 billion of outstanding principal balance,“ said Sheets. “We will continue to oversee our existing investment portfolio and managed accounts and develop new partnerships alongside the exceptional team at Broadshore.”
Broadshore Capital will maintain its existing debt program, offering financing solutions on assets that are being repositioned or for new construction across a range of property types. Over the last twelve months the company has committed over $225 million for stretch-senior and mezzanine loans. Broadshore’s direct lending platform provides loans ranging from $10 to $50 million+ for projects throughout the U.S.
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