Cain International Expands U.S. Presence with $1.2 Billion Acquisition of New York Construction Loan Commitments

London-based investment firm Cain International is making significant strides in its U.S. expansion with the acquisition of over $1.2 billion in New York construction loan commitments from Pacific Western Bank (PacWest). The announcement, made on Friday, signals Cain’s commitment to scaling its business on American soil.

The portfolio includes 10 loans for multifamily and student housing developments throughout New York state, with a combined principal balance of approximately $500 million. While specific properties were not disclosed, the majority of the acquisitions are concentrated in New York City. This move builds upon Cain’s existing U.S. footprint, following its nearly $300 million investment in the renovation of Manhattan’s Crown Building in 2019.

Matt Rosenfeld, Managing Director and Head of U.S. Debt at Cain International, expressed the company’s ambitious goals for growth in the U.S. market. “When we set out to grow that business in the U.S., we didn’t do it to be a marginal or small player,” Rosenfeld explained. “We wanted to do something at scale, and with the support and backing of our investors, we’ve been able to do that in a meaningful way.”

Cain International experienced a surge in deal volume in 2019 before the COVID-19 pandemic hit, prompting a strategic pause in 2020 and 2021. Rosenfeld believes that this cautious approach has paid off, resulting in a “clean book” that has positioned them for continued growth despite challenging market conditions and limited liquidity.

Since its establishment in 2014, Cain International has originated over $7 billion in global real estate debt. In late 2019, they provided a $750 million construction loan for the development of Aman New York. Managing more than $15 billion in assets across the U.S. and Europe through its real estate equity, real estate debt, and private equity platforms, Cain International has established itself as a prominent player in the investment arena.

Rosenfeld emphasized the company’s deliberate investment strategy, focusing on familiar markets, product types, and trusted sponsors. “We’re quite sober investors, and I think we’re quite thoughtful about the way we do things,” Rosenfeld stated. “To us, it’s about measured, sustainable, and long-term growth, and it’s not about getting as much done as you can in a short period.”

With this latest acquisition, Cain International solidifies its presence in the U.S. real estate market and positions itself for further expansion and success in the years to come.