Home / transaction / Berkshire Global Advisors acted as financial advisor to Latitude Management Real Estate Investors
Berkshire Global Advisors acted as financial advisor to Latitude Management Real Estate Investors
  • has a sold a majority interest to
  • Berkshire Global Advisors acted as financial advisor to Latitude Management Real Estate Investors

  • Date: November 2018
  • Sector: Private Markets - Real Estate / Assets
  • Sub-Sector: Real Estate Debt
  • Region: North America
  • Seller AUM: $1.2 Billion
  • Seller Details
    Latitude is a national commercial real estate bridge lender providing short term, floating rate loans to middle-market commercial real estate sponsors seeking hand crafted real estate solutions. The company’s primary focus is on originating new bridge loans for value-add and transitional properties in sustainable growth markets throughout the United States. Latitude underwrites each transaction bottom-up through an equity owners’ lens making sure that interests are aligned and the exit strategy is clear. The company is actively lending on behalf of their fourth discretionary debt fund, Latitude Management Real Estate Capital IV (LMREC IV). Latitude’s seasoned management team and vertically integrated platform has successfully closed over $3 billion in transactions across all primary commercial real estate property types. The company seeks to generate favorable risk-adjusted returns for investors by targeting middle market bridge loans to experienced sponsors with business plans that generate increasing operating income through value-add capital improvements, leasing strategies, and active asset management.

    Buyer Details
    LaSalle Investment Management is one of the world’s leading real estate investment managers with approximately US$60 billion of private and public equity and private debt investments under management (as of Q2 2018). LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world’s largest real estate companies

    Transaction Summary
    Latitude Management Real Estate Investors, a national commercial real estate bridge lender has entered into an agreement to sell its $1.2 billion debt fund business to LaSalle Investment Management a leading real estate investment manager with approximately $60 billion of private and public equity and private debt investments under management.

    Upon closing, the Latitude debt business will join LaSalle’s North America Private Equity platform, which comprises $21 billion of the company’s total $60 billion in assets under management and is led by Americas CEO Jason Kern. Latitude President and CEO Glenn Sonnenberg and Executive Vice President Chip Sellers, along with Managing Directors Brett Mayer and Craig Oram, will continue to lead the debt fund business and LMREI’s 20 employees will continue to operate under the same structure, systems and processes, to provide continuity for all of the firm’s stakeholders. The senior management team of Latitude will retain a minority ownership position of LMREI and will be actively involved in the ongoing strategy, product development and growth planning process.