Ethan Penner and Chad Carpenter, two prominent leaders in the commercial real estate industry, have recently launched Reven Office REIT. This new company, headquartered in San Diego with Penner serving as board chairman and Carpenter as CEO, specializes in providing tailored financing solutions for office owners and investors.
Reven Office REIT has set a goal of raising $1 billion through a lead investor and blind pool IPO. Their focus will be on originating first mortgages, mezzanine debt, preferred equity,and strategic investments in distressed office debt at discounted rates. With their extensive experience as lenders and owners of commercial real estate properties,Penner believes they can establish a top-tier credit platform to meet the needs of high-quality office property owners facing limited financing options.
Carpenter adds that there is currently an opportunity to capitalize on the significant capital void for office debt due to nearly $150 billion worth of mortgages maturing by 2024and over $300 billion by 2026. He also notes that this downturn presents opportunities for lending,sourcing attractive deals,and investing at low costs into quality buildings.
The article “Ethan Penner & Chad Carpenter Launch New Office Finance Company” was originally published on Connect CRE.
