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US Commercial Real Estate Debt

Our real estate platform leverages AB’s culture of research-based, deep value investing. As an alternative to traditional lending sources, we strive to deliver attractive risk-adjusted returns via solutions-oriented, relationship-focused financings that allow us to be a reliable source of capital and provide certainty of execution to borrowers through all market environments.

Experienced Team. Extensive Resources.

Real estate debt investing is a major part of the AB’s alternative investments business, with platforms in the US and Europe. AB’s efforts in commercial real estate debt investing began in 2012 in the US, expanding into Europe in 2020. Combined, these platforms have raised $12 billion of dedicated capital commitments.*

Being successful in the competitive US market requires a rigorous approach—including thoughtful deal sourcing, meticulous underwriting, and disciplined asset management. The experienced US Commercial Real Estate Debt (US CRED) team brings breadth and depth of knowledge and an extensive network of relationships, enabling it to deliver an attractive value proposition to both borrowers and investors. The US CRED team has designed a comprehensive investment process with risk-reduction techniques, enabling it to optimize risk-adjusted returns for investors.

US $10.0 Bil+
Investable Capital
US $6.5 Bil.
Outstanding Commitments
166
Transactions Completed to Date

The value of an investment can go down as well as up and investors may not get back the full amount they invested. Capital is at risk.

*As of June, 30, 2024
Figures are approximate and subject to final verification.

Representative Transactions

Floating Loan
Falls Church, VA Multifamily
Investment Date: June 11, 2024
Floating Loan
Los Angeles, CA Mixed Use
Investment Date: May 16, 2024
Fixed Loan
Austin, TX Student Housing
Investment Date: August 22, 2024
Contact Info: Blake Marvin | bmarvin@hksinc.com
Fixed Loan
Nashville, TN Hotel
Investment Date: December 18, 2024
View Recent Transactions
 

Financing Solutions

AB US CRED portfolios are diversified by property type, geography, and borrower. All loans are generally held through maturity. Asset management is in-house to help identify and mitigate risk, where possible, throughout the life of the loan.
 
Core/Core+ Lending
Fixed or floating rate, CM1/2, first-mortgage loans secured by stabilized real estate assets. Loans range in size from $50 to $300 million for first-mortgage financings and $20 to $150 million for subordinate financings, with loan terms ranging from 3 to 10 years.
 
Bridge/Value-Add Lending
Floating rate first-mortgage loans secured by pre-stabilized real estate assets, which have accompanying business plans designed to create value through renovation/repositioning, lease-up and/or market recovery. Loans range in size from $50 to $300 million and loan terms range from 2 to 5 years.
 
Construction Financing
Fixed or floating rate whole loans secured by ground up development projects. Loans are typically $100+ million and loan terms are 5+ years.

Team

Peter J. Gordon

Head of US CRED and Chief Investment Officer
Location: New York
Peter's Bio

Peter J. Gordon

Peter J. Gordon is Chief Investment Officer and Head of the US Commercial Real Estate Debt (US-CRED) team. US-CRED oversees nearly $12 billion in committed capital from insurance companies, pension funds and banks, across four vintage closed-end funds and various other institutional mandates. Gordon has been gaining experience in the US commercial real estate markets since 2001 and has also spent four years in construction management. Previously, he was managing director of Commercial Real Estate Debt. Prior to joining the firm in 2016, Gordon served as managing director and head of commercial real estate (CRE) whole loan originations at Angelo, Gordon & Co., a global alternative investment-management firm, where he led the CRE whole loan team, responsible for sourcing, pricing, financing and structuring transactions as well as managing assets in the investment portfolio. Prior to that, Gordon was a senior member of the real estate finance and investment banking groups at both Goldman Sachs and Morgan Stanley, where he was involved in all aspects of commercial real estate lending, from originations for balance sheet and commercial mortgage-backed securities to loan structuring, syndication and securitization. Gordon holds a BS in mathematics from the University of St. Andrews in Scotland and an MBA from Columbia University. Location: New York

Edward Gellert

Managing Director
Location: New York
Edward's Bio

Edward Gellert

Edward Gellert is a Managing Director for the US Commercial Real Estate Debt team, with approximately 30 years of real estate industry experience, including investment and portfolio management, lending, distressed-focused investing, deal sourcing and the operation and development of real estate assets. Prior to joining AB, he was a senior portfolio manager at Avenue Capital Group, where he directed the investment activities of the Avenue Real Estate Strategy. He also served as chairman, CEO and president of ACRE Realty Investors. Before joining Avenue in 2004, Gellert founded EDGE Partners, where he served as a co-managing member of joint-venture entities that developed, repositioned and owned over 1.2 million square feet of properties. Previously, he sourced and arranged distressed debt and property acquisitions for Argent Ventures and Amroc Investments, and was an analyst and asset manager for BRT Realty Trust. Gellert holds a BSM from the AB Freeman School of Business at Tulane University. Location: New York

Midge Brogan

Managing Director
Location: New York
Midge's Bio

Midge Brogan

Midge Brogan is a Managing Director and Chief Financial Officer for the Commercial Real Estate Private Debt Fund, with broad responsibility for finance, reporting and asset-management functions across the US Commercial Real Estate Debt platform. Prior to joining the firm in 2020, she managed Park Praedium, a company she founded in 2009, where she advised on workouts, recapitalizations, and restructurings within commercial real estate. From 2015 to 2017, Brogan was a managing director for Colony NorthStar. Prior to that, she served as a managing director for Sabal Financial Group, and for the Global Real Estate Group at Lehman Brothers. Brogan holds a BS (cum laude) in business management with a concentration in accounting from Boston College, and an MBA with concentrations in finance and real estate from the George Washington University. She is also a member of 100 Women in Finance and WX New York Women Executives in Real Estate and was named one of the Top 50 Women Real Estate Professionals in 2004. Location: New York

Yanshu Li

Head of Asset Management
Location: New York
Yanshu's Bio

Yanshu Li

Yanshu Li is Head of Asset Management for the US Commercial Real Estate Debt team, responsible for overseeing the asset management of the commercial real estate loan portfolio. Prior to joining AB in 2019, she managed KG Realty Investments, a value-add residential real estate investment company, which she cofounded in 2013. From 2010 to 2013, Li worked as an associate in the Commercial Real Estate Debt Group at Blackstone, focusing on high-yield debt origination, structuring and asset management. From 2006 to 2009, she was an associate in the CMBS Large Loan Group at Morgan Stanley, responsible for underwriting debt investments across all property types. Li holds a BA in economics from Princeton University. Location: New York

David Sotolov

Managing Director
Location: Los Angeles
David's Bio

David Sotolov

David Sotolov is a Managing Director for the US Commercial Real Estate Debt team. Prior to joining the firm in 2021, he was a managing director at Annaly Capital Management, where he managed all West Coast investments for the Annaly Commercial Real Estate Group. Previously, Sotolov spent 11 years at iStar, most recently as executive vice president and head of West Coast Investments, focusing on senior debt, mezzanine debt and preferred equity; joint venture equity; ground-up development; and ground lease acquisitions. Prior to that, he served as a loan originator for Fremont Investment & Loan. Sotolov attended the University of California, Los Angeles. Location: Los Angeles
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