RMWC has closed its fourth senior direct lending fund, raising $310M from a diverse group of institutional investors, family offices, and wealth managers, and is set to launch a new $800M evergreen fund, the New York-based real estate debt originator tells Dakota News.
In addition to RMWC Direct Lending Fund IV, a $30M separately managed account (SMA) from one LP was closed. Collectively, the fund is now more than 90% deployed in short-term, floating rate, low loan-to-value (LTV) real estate loans ranging from $15M to $70M, delivering current income, according to Managing Director Michael Rubenstein, head of business development. RMWC's strategy focuses on generating recurring cash flow, which the firm describes as "all-weather" in nature, and capital preservation, due to its in-house workout capabilities.
RMWC has also launched a new $800M evergreen fund, RMWC Real Estate Lending Fund IV-E, that it says will offer investors shorter lock-up periods, lower funds expenses, a dividend reinvestment option, and eliminate the j-curve impact. The fund intends to capitalize on dislocations in the real estate finance capital markets.
“Some of our competitors are unable to originate new loans due to, among other things, legacy positions in 2021 and 2022 multifamily bridge loans that were over-levered and are now non- or sub-performing,” CIO Steven Fischler said. With a clean credit book, he said RMWC is benefiting from changes in the banking industry, with banks becoming key sources of referrals for new loans. “Currently, RMWC has a clean balance sheet and is focused on new originations. This has allowed us to continue to fundraise,” Fischler added.
For more information, potential investors are encouraged to contact Michael Rubenstein to learn more about the new fund.
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