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3/16/23
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Dream Unlimited Corp, PaulsCorp LLC and Vicky Schiff have teamed up to launch a new firm, Avrio Real Estate Credit. Avrio will offer short-term, first mortgage debt and other structured finance products including B notes, mezzanine debt and preferred equity for the acquisition, refinancing and recapitalization of commercial real estate assets, with loans ranging from $25 mil to $150 mil.
“We believe with the current real estate capital markets experiencing some dislocation, now is an opportune time,” according to Schiff, who assumes the role as Avrio’s Chief Executive Officer. “In addition to financing new development and value-add projects that utilize energy-efficient and green construction materials, methods, or systems, we want to work with borrowers who create jobs, encourage education and employee engagement and who are dedicated to building projects that help expand the inventory of workforce, affordable and transitional housing,” adds Schiff.
For Dream, a Canadian public company and one of that country’s leading real estate firms with 600 employees, 12 offices across Canada, the U.S., and Europe with over C$23 bi in assets throughout North America and Europe under management, Avrio represents Dream’s entry into the U.S. credit market.
“Given the current supply gap of available debt to meet the needs of real estate operators and developers in the U.S, Avrio will play a critical role in bringing flexible and creative debt funding to developers searching for this type of instrument,” said Co-Founder and Chief Responsible Officer Michael Cooper. “Dream places a strong emphasis on sustainability across all of our strategies and Avrio fits well within our goals of building better communities in our markets,” said Cooper.
The new venture will use a specialized process, developed with Dream’s sustainability and ESG team, to collect, analyze and report on ESG data in a streamlined manner, intended to help external partners and borrowers improve their assets ESG scores, attributes and their overall impacts on their communities and the environment.
Avrio also provides a compelling opportunity to utilize Pauls’ expertise in development, asset management, property management, construction management and underwriting across multiple markets and asset classes, with demonstrated results in industrial, rental multifamily, for-sale residential, land entitlement and office, including ground-up development, value-add development, and general contracting.
In addition, Kyle Geoghegan has joined Avrio as U.S. Head of Originations. Geoghegan brings to Avrio 30 years of experience in the real estate capital markets, having originated more than $11 bil in CRE debt product encompassing a range of offerings from construction and bridge to permanent loans at various leverage points in the capital stack. Most recently, he was Managing Director for Trez Capital, where he helped create a new national lending platform resulting in the production of $800 mil in its first year. He previously spent 14 years with C-III Capital/Resource America as a Managing Director and had prior stints at Bear Stearns and PNC Bank.
Headquartered in Denver, Avrio also has offices in New York, Toronto, and Los Angeles.
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