JCR Capital, a Denver-based alternative asset manager, announced that it has held a first closing on its second fund, JCR Commercial Real Estate Finance Fund II LP (Fund II).
According to the company, Fund II currently has $46 million in commitments and will provide capital to real estate sponsors seeking short term financing for distressed, opportunistic and value-added commercial real estate. The fund will focus on middle-market transactions between $2 million and $15 million. JCR will provide real estate sponsors with debt, preferred equity and equity.
Fund II is part of JCR Capital's effort to fill the substantial void created by the collapse of financing in the middle-market commercial real estate sector over the past three years combined with an estimated $1.7 trillion in maturities occurring over the next five years, the company adds.
JCR is seeking $100 million in equity commitments to Fund II by March 31, 2012, and is being represented by New York based placement agent, Patrick Campbell of Perth Advisors. JCR's first fund, the JCR Capital Distressed & Opportunistic Real Estate Fund I LP, had its final close in November 2010. The company says the first fund is now fully committed and has already returned 30% of its capital.