Benefit Street Partners, a credit-focused alternative asset manager, has closed a $10 billion fund, the BSP Real Estate Opportunistic Debt Fund II, or ODF II, to inject collateralized loan obligation (CLO) capital into the multifamily sector.
The fund will focus on originating senior and junior commercial rea estate debt investments across major U.S. markets, according to a statement from the company.
About $351.8 billion in multifamily bank loans were expected to mature between 2023 and 2027, according to a 2023 Trepp analysis of Fed Flow of Funds data. Executives at Benefit Street Partners see opportunities to fill the gap as traditional bank lenders retreat from the sector.
"Our experience across cycles and longstanding relationships position us to originate high-quality, well-structured loans in a market where private capital is increasingly essential," according to Michael Comparato, senior managing director and head of real estate at Benefit Street Partners.
ODF II leverages Benefit Street Partners' integrated credit platform and established relationships with borrowers, sponsors and intermediaries across the country. Those relationships have helped Benefit Street's commercial real estate team originate more than $30 billion in real estate investments since 2013, with $9 billion completed in 2025.
"The continued shift toward private credit solutions in U.S. commercial real estate lending is creating an opportunity set we believe is both compelling and enduring," according to Dan Manlowe, chief executive officer of BSP.
