Veleta Capital and funds managed by Oaktree Capital Management have launched a strategic joint venture called Veleta Capital Partners (VCP), creating an institutional lending platform for multifamily and commercial real estate assets. Oaktree has also acquired a minority stake in Veleta Capital.
Veleta Capital Partners, a real estate lending platform headquartered in Los Angeles, is targeting 12- to 36-month senior secured transition loans for multifamily and commercial real estate assets of up to $20 million. It provides short-term, senior secured loans, predominantly in the Western United States.
The firm will initially be focused on Tier I and Tier II submarkets, including Southern California, Arizona, Colorado, Nevada, Oregon, Texas, Utah, and Washington and it will evaluate other opportunistic transactions nationwide.
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