Forum Investment Group, a private real estate investment management firm specializing in the multifamily sector, closed one of its investment vehicles specializing in multifamily private credit. Forum exceeded its target raise by 2.2x.
This investment vehicle focuses on providing gap financing in the form of mezzanine debt, preferred equity, participating preferred equity and joint-venture equity to qualified third-party sponsors supporting their ground up developments, value-add repositioning and acquisitions of multifamily properties in targeted high-growth markets across the United States.
“I am proud of the team and this final close, which represents a significant milestone for the Firm’s multifamily private credit strategy,” Darren Fisk, founder and CEO of Forum, said. “We are grateful to all of our investors for their trust in and support of Forum.”
“We are pleased to have completed the raise of our first private credit strategy investment vehicle. I am delighted that we exceeded our target allowing us to deploy additional capital into the market,” Jay Miller, chief investment officer of Forum, said. “We believe this capital raising success underscores the growing demand for private, non-bank financing to multifamily developers and we look forward to continuing to do what we can to provide these kinds of creative, gap financing opportunities to qualified sponsors in the future.”
“Tom [McCahill co-portfolio manager of Forum] and I are proud of the proprietary and extensive network we have cultivated and believe it is because of our relationships with our various partners that we are able to directly source over 88% of the private credit strategy’s investment portfolio,” Joe Chickey, co-portfolio manager of Forum, said.
