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March 23, 2018
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Calmwater Capital Closes Third Fund with $636 Mil in Commitments


Calmwater Capital has closed its third fund, U.S. Real Estate Credit Fund III, L.P., with $636 mil in total commitments. The fund’s investors include endowments, pension funds and family offices, based in North America, Asia, Europe and South America.

Similar to its two prior funds, Calmwater is focusing the fund on originating $5 mil to $50 mil senior loans for fundamentally sound assets, but where the financing requires a sense of urgency or complexity and the potential to earn superior risk-adjusted returns.

“Sophisticated borrowers pay premiums for our expediency in addition to our expertise and flexibility to underwrite complexities for transitional assets,” said David Traversi, president of Calmwater. “By seeking premium returns and making quick decisions, we remain highly focused on downside protection and adhere to institutional processes established and refined since 2010.”

Underscoring the strength of the fund, Calmwater has already generated a robust national pipeline leading to investments in 44 loans, all senior liens with a substantial equity cushion. San Francisco-based Probitas Partners, led by Director Jane Harris, acted as the placement agent for the fund.

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