Private equity real estate

We have a 20+ year history of providing equity and subordinated debt capital directly to real estate developers. We also invest as an LP in real estate private equity funds across North America.

  • $841M 

    in capital committed since 1999

  • 22

    real estate firms

  • 53

    investments

Private equity real estate investing

We provide project-specific financing, primarily in the form of subordinated debt and limited partnership equity, to leading mid-market North American real estate developers. We primarily focus on residential development but will consider all asset classes. We’re prepared to invest as early as the land acquisition stage, and we typically exit at the sale of a stabilized asset of completed units.

  • What we look for in real estate partnerships

    • Established development companies in large, high-growth North American markets
    • Residential housing developments, land development and lot servicing, and mixed-use and industrial
    • Projects with a 3- to 7-year horizon requiring $10 million to $25 million of junior capital
  • Use of capital

    • Land acquisitions
    • Predevelopment and preconstruction soft costs
    • Equity top ups required to secure senior construction financing
  • We can provide capital positioned between senior bank financing and the developer’s equity, and our subordinated loans often feature:

    • Funding for 50% to 80% of the required project equity
    • Accruing paid-in-kind base-interest coupons
    • Profit participation after the sponsor has received its equity plus a base return
    • A second-lien mortgage

Why partner with Manulife Investment Management?

Real estate developers view us as a partner of choice because we are:

    • A source of patient capital
    • Backed by Manulife’s strong financial position
    • Able to structure flexible financing solutions
    • Knowledgeable about the markets and asset classes in which our development sponsors are active

All information as of June 30, 2021, unless otherwise noted. All dollar amounts are in USD and may be rounded to the nearest billion.