By Karen E. Roman
Commercial real estate investors Ethan Penner and Chad Carpenter said they will launch Reven Office REIT, a company specializing in office real estate financing and investment.
The new firm will aim to fill the capital gap in office debt with a low-risk strategy and the start of first mortgages, mezzanine debt and preferred equity, they said in a statement.
The goal is to raise $1 billion and to start investments in distressed office debt and properties to become a well-capitalized credit vehicle, they said.
“We believe the current downturn will provide many opportunities to lend to and acquire office debt and invest in buildings at a low basis,” said Mr. Carpenter. “We believe creating Reven Office REIT will result the business emerging as a dynamic force in the market,” he said.