Broadshore Capital adds a special situations debt group

Los Angeles-based real estate firm Broadshore Capital Partners is adding a special situations debt group that will be led by managing director Donald Sheets, formerly of Clarion Partners, who has built out an entire team focused on the space. Sheets is joined by fellow Clarion alums James Pomeranz and Kevin Pertsovsky. The team’s approach includes an in-house loan administration team that provides the ability to quickly review acquisition opportunities and resolve investments. The new business will be based in New York and will broaden the firm’s long-standing debt business as a second program within Broadshore’s real estate finance group. The special situations group will manage a mix of performing, sub-performing and non-performing commercial mortgage debt purchased from banks, insurance companies, government agencies and special servicers. The approach targets first-lien commercial real estate mortgage credit secured by quality real estate with principal balances ranging from $5 million to $30 million. “The Broadshore team has a successful high-yield debt program, developed over more than 30 years, providing financing solutions for commercial real estate and it is now joined by the accomplished team build by Donald Sheets,” said Bleeker Seaman, co-CEO of Broadshore, which manages $1.7 billion. Officials say that the special situations approach developed by Sheets and his team has attracted significant capital commitments from a leading U.S. pension fund as well as a prominent endowment. The anticipation is for significant growth for the business over the next three years, with the ability to build a portfolio in excess of $1 billion of outstanding principal balance, said Sheets. Broadshore added that it will maintain its existing debt program, offering financing on assets that are being repositioned or for new construction across a range of property types. Over the last year, the company has committed over $225 million for stretch-senior and mezzanine loans. Broadshore’s direct lending platform provides loans ranging from $10 million to $50 million for projects throughout the U.S.

Broadshore Capital adds a special situations debt group

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