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JCR Capital announced the second closing of its JCR Capital Distressed & Opportunistic Real Estate Fund I, LP with commitments of $24 million. The fund has a target raise of $30 million with a projected final close of July 31.
While there is no shortage of funds targeting distressed assets on an acquisition basis, the JCR fund will provide debt, participating debt and equity on distressed assets.
Headquartered in Denver, JCR Capital has been a provider of both debt and equity in previous real estate cycles. The commercial real estate finance company said it believes opportunities are available for deals valued at $1 million to $10 million, as other opportunity funds are targeting larger properties requiring more capital.
The fund has distributed $10 million thus far. The two major investors in the fund are JAM Equity Partners, a private equity firm out of New York, and PartnerRe Capital Markets, the Greenwich, Conn., subsidiary of Bermuda reinsurance company PartnerRe Ltd.
Source: Press Release
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