Declaration Management & Research LLC, an investment adviser with more than $10 billion in assets under management, has announced the launch and funding of DMR CRE Debt Fund I, which focuses on special situation recapitalizations of U.S. commercial real estate (CRE) of all types.
According to the company, the fund targets an all-in yield in the low to mid-teens through ‘opportunistic distressed debt acquisitions’ of discounted pay-offs and new senior and mezzanine financing. Declaration expects the fund – which is closed to new investors – to be the first in a series of CRE-related funds that it will launch over the coming years.
Manulife Financial Corp. and its U.S. division, John Hancock Financial, will provide co-investment capital. Declaration is an operating company of Manulife Asset Management, Manulife's global investment management arm, and its commercial real estate operations will be centered in a recently opened New York office.
SOURCE: Declaration Management & Research LLC
