Revere Capital Launches $350M Fund

Revere Credit Opportunities Fund III LP targets the origination and acquisition of commercial real estate debt.
Clark Briner, founder of Revere Capital
Clark Briner, founder of Revere Capital

Dallas—Dallas-based private equity lender Revere Capital has launched its third fund for the origination and acquisition of commercial real estate debt, known as Revere Credit Opportunities Fund III LP (Fund 3). Targeted to originate two- to five-year loans to real estate investors and developers for all categories of commercial real estate except land, the new $350 million fund is expected to originate loans ranging from $3 million to $30 million. Through this fund, the firm seeks to provide investors with capital preservation and attractive risk-adjust yield.

Since its launch in 2013, Revere Capital’s High Yield Fund (Fund 2) has deployed roughly $250 million in loans, predominantly as bridge and mezzanine debt under 18 months, ranging from $2 million to $20 million.

The company’s first fund (Fund 1) was a closed end, $50 million fund for short-term commercial real estate borrowers. Fund 1 opened in 2010 and closed in 2013, with all capital and profits fully returned to the investors.

Clark Briner, founder of Revere Capital, announced that some of the most recently completed transactions from the company’s portfolio include a $16 million loan on a Los Angeles office and retail property, a $13 million loan on retail and self-storage properties in Houston and Garland, Texas, an $8 million loan to a REIT for a retail portfolio acquisition in the Southeast, as well as a $12 million waterfront development in Bay Harbor Islands, Fla. A $16 million multifamily portfolio in Northern California, a $5 million cold storage facility in Wilmington, N.C., and a $13 million loan for a hotel acquisition in Tucson, Ariz., are also among the firm’s latest completed deals.

Image courtesy of Revere Capital