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DENVER and LOS ANGELES and TORONTO, March 14, 2023 (GLOBE NEWSWIRE) -- Dream Unlimited Corp. (TSX: DRM) (“Dream”), PaulsCorp, LLC (“Pauls”) and Vicky Schiff have launched Avrio Real Estate Credit (“Avrio”).
Avrio will offer short-term, first mortgage debt and other structured finance products including B notes, mezzanine debt and preferred equity for the acquisition, refinancing and recapitalization of commercial real estate assets, with loans ranging from $25 million to $150 million.
“We believe with the current real estate capital markets experiencing some dislocation, now is an opportune time,” according to Schiff, who assumes the role as Avrio’s Chief Executive Officer. “In addition to financing new development and value-add projects that utilize energy-efficient and green construction materials, methods, or systems, we want to work with borrowers who create jobs, encourage education and employee engagement and who are dedicated to building projects that help expand the inventory of workforce, affordable and transitional housing,” adds Schiff.
For Dream, a Canadian public company and one of that country’s leading real estate firms with 600 employees, 12 offices across Canada, the U.S., and Europe with over C$23 billion in assets throughout North America and Europe under management, Avrio represents Dream’s entry into the U.S. credit market.
“Given the current supply gap of available debt to meet the needs of real estate operators and developers in the U.S, Avrio will play a critical role in bringing flexible and creative debt funding to developers searching for this type of instrument,” said Co-Founder and Chief Responsible Officer Michael Cooper. “Dream places a strong emphasis on sustainability across all of our strategies and Avrio fits well within our goals of building better communities in our markets,” said Cooper.
The new venture will use a specialized process, developed with Dream’s sustainability and ESG team, to collect, analyze and report on ESG data in a streamlined manner, intended to help external partners and borrowers improve their assets ESG scores, attributes and their overall impacts on their communities and the environment.
Avrio also provides a compelling opportunity to utilize Pauls’ expertise in development, asset management, property management, construction management and underwriting across multiple markets and asset classes, with demonstrated results in industrial, rental multifamily, for-sale residential, land entitlement and office, including ground-up development, value-add development, and general contracting.
Avrio also announces that Kyle Geoghegan has joined as U.S. Head of Originations. Geoghegan brings to Avrio 30 years of experience in the real estate capital markets, having originated more than $11 billion in CRE debt product encompassing a range of offerings from construction and bridge to permanent loans at various leverage points in the capital stack. Most recently, he was Managing Director for Trez Capital, where he helped create a new national lending platform resulting in the production of $800 million in its first year. He previously spent 14 years with C-III Capital/Resource America as a Managing Director and had prior stints at Bear Stearns and PNC Bank.
Headquartered in Denver, Avrio also has offices in New York, Toronto, and Los Angeles.
About Dream Unlimited Corp.:
Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of over C$23 billion of assets under management across four Toronto Stock Exchange listed trusts, a private asset management business and numerous partnerships as of February 17, 2023. Dream also develops land and residential assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for its ability to source, structure and execute on compelling investment opportunities. For more information please visit: www.dream.ca.
About PaulsCorp LLC:
Founded in 1993 and headquartered in Denver, Pauls is a leading real estate investment, development, and management company with an established track record in both the U.S. and Canada. Pauls is a family-based corporation with a longstanding reputation for high-quality work and excellent working relationships. The extensive experience of Pauls’ management team with its blend of entrepreneurial energy and institutional discipline has resulted in numerous successful investments over many years and through several economic and real estate cycles.
Pauls has developed or managed over $6.5 billion in real estate assets including approximately 15,000 single family homes, multi-residential units, townhomes, and condominiums. Pauls currently has over $2 billion in assets under management and $825 million under development. Pauls has a deep real estate platform, consisting of over 230 employees, with expertise across the entire real estate cycle.
About Avrio Real Estate Credit (http://www.avriore.com):
Avrio’s team brings multi-decade real estate credit, ownership and development experience, in both public and private U.S., Canadian and European markets, and aims to be an industry leading, real estate private credit franchise with a reputation as a dependable and entrepreneurial financier while focusing on projects and borrowers who positively impact their communities.
Media Contact:
Bruce Beck/DB&R Marketing Communications, Inc.
(805) 777-7971 (office)
(818) 540-8077 (mobile)
bruce@dbrpr.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1b0ac166-62fc-4e81-b3dc-f95b2a665b9a