Vicky Schiff, Dream Unlimited Corp. and PaulsCorp, LLC Launch Avrio Real Estate Credit
March 14 2023 - 11:00AM
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
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