Ethan Penner and Chad Carpenter, two prominent leaders in the commercial real estate industry, have recently launched Reven Office REIT. This new U.S.-based company specializes in providing financing solutions for office owners and investors. With Penner serving as board chairman and Carpenter as CEO, Reven Office REIT aims to raise $1 billion through a lead investor and blind pool IPO.
Reven Office REIT will utilize a low-risk strategy to capitalize on the current void of office debt capital by offering first mortgages, mezzanine debt, preferred equity options. The company also plans to strategically invest in distressed office debt and properties at discounted rates.
According to Penner, their extensive experience as lenders and owners in the commercial real estate market positions them well to create a leading credit platform that caters specifically towards high-quality office owners facing limited financing options.
Carpenter adds that with nearly $150 billion of maturing mortgages on U.S. offices by 2024 followed by another $300 billion by 2026 presents an excellent opportunity for well-capitalized debt platforms like theirs. They believe that the current downturn will offer numerous opportunities for lending purposes or acquiring both distressed debts or buildings at lower costs than usual.
