NEW YORK CITY-The MONY Group, headquartered here, and Chicago-based Transwestern Investment Co. LLC have completed the initial closing on a $300-million real estate mezzanine fund, which will invest in a broad range of US commercial real estate assets.

The fund, MONY/Transwestern Mezzanine Realty Partners LP, will be co-managed by MONY Realty Partners Inc. through the newly created MONY Realty Capital Inc., and Transwestern affiliate Aslan Mezzanine Realty Partners GP LLC. It will make mezzanine investments of $3 million to $15 million.

“We felt there were significant opportunities within the marketplace for a mezzanine product,” MONY Realty Capital president and CEO Thomas M. McCahill tells GlobeSt.com. “We also think it’s a lender-oriented product. It’s primarily a debt instrument with numerous mortgage-type covenants and we felt it was a good complement to our existing loan products.”

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