Benefit Street Partners (BSP), a credit-focused alternative asset manager, has completed the final close of its second real estate opportunistic debt fund. The firm secured $3 billion in equity commitments, translating into approximately $10 billion of total investable capital after accounting for related vehicles and expected leverage.

The fund, BSP Real Estate Opportunistic Debt Fund II (ODF II), will focus on originating senior and junior commercial real estate debt. Similar to its predecessor, the strategy targets major U.S. markets, with a stronger emphasis on multifamily assets.

According to the firm, current lending conditions continue to create room for private credit players in the U.S. commercial real estate market.

“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,” said David Manlowe, CEO of BSP. “With our scale, experience, and disciplined approach to credit, BSP is well positioned to capitalize on today’s market environment.”

Market dynamics, including reduced participation from traditional lenders, are also shaping investment opportunities for private debt providers.

“With traditional lenders pulling back and a significant wave of maturities ahead, we see a favorable backdrop for well-capitalized private lenders,” added Michael Comparato, senior managing director and head of real estate at BSP.

BSP has been active in commercial real estate lending since 2013. Over this period, the firm has originated more than $30 billion in real estate debt investments. Benefit Street Partners operates as a wholly owned subsidiary of Franklin Templeton.

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