Nuveen Real Estate has closed its U.S. Strategic Debt Fund at $650 million, crossing its initial goal of $500 million. The close adds another milestone to its real estate credit strategy, which manages $139 billion in assets across global markets.
The U.S. Strategic Debt Fund (the "Fund") is Nuveen’s first closed-end offering dedicated to commercial real estate credit. It targets transitional properties across the U.S., especially those that require physical upgrades, operational improvements, or financial restructuring. Because institutional demand remained steady, the Fund exceeded expectations and secured commitments from international and domestic insurers, pension funds, and TIAA’s General Account, which contributed $150 million.
"We are pleased with the strong investor response to our U.S. Strategic Debt Fund, which reflects the confidence institutional investors have in our debt platform and the compelling opportunity we see in today's commercial real estate lending market," said Jason Hernandez, Head of Real Estate Debt, Americas at Nuveen Real Estate. "The successful close positions us well to capitalize on what we believe are attractive opportunities in an environment where traditional lenders have pulled back."
Since its first close in April 2024, the Fund has committed capital across 19 transactions. These total $1.3 billion in gross loan commitments. The portfolio spans multifamily (60%) and industrial (40%) assets across 16 U.S. markets. It also holds a meaningful share in growth regions such as Dallas–Fort Worth (18% of gross asset value), Atlanta (10%), and Orlando (9%).
Nuveen Real Estate has been active in commercial real estate lending since 1934. Its debt platform includes 55 professionals and manages $44 billion in commercial real estate debt globally. Over the years, the platform has originated more than $50 billion and maintains long-standing relationships with institutional sponsors and operators across the country.
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