Barings has committed to finance a ‘top-up’ loan for the second phase of a multi-family property development in Plymouth, Massachusetts, for an undisclosed sum.
The investment was secured for a Barings equity investment strategy, which permits selected amounts of debt investment, and follows on from the asset manager’s first financing of the project in 2018.
“We are eager to participate in [the second] phase, as [the first] phase proved our underwriting with strong leasing and market demand,” said Philip Adkins, head of Barings’ US real estate debt origination.