Company partners with "widely respected and proven leader in the fund business"
Commercial mortgage banking company Slatt Capital has joined forces with Rubicon Mortgage Fund co-founder Doug Watson to expand into the commercial real estate private lending bridge loan business.
According to a release, Watson and Slatt Capital has formed a new joint venture operating as the Bridger Fund. Opening to investors early next year, the fund will deliver private commercial real estate bridge loans in California.
Slatt Capital said the JV will bolster its existing correspondent network, as well as enable it to further accommodate all the loan requests from its clients and create a new investment opportunity.
“It has been a strategic initiative of Slatt Capital to enter the fund business for several years, but we needed to find the right person to partner with,” said Slatt Capital CEO Dan Friedeberg. “Aligning with Doug Watson, a widely respected and proven leader in the fund business, is the perfect fit for us. With the experience and tenure in both the institutional and private money banking worlds, our client base will now have access to a correspondent private bridge lender in California that will complement our existing lender network.”
Read next: Expansion on the mind: hiring to meet the commercial demand in 2022
Under the venture, Slatt Capital will provide loan servicing to Bridger Fund in addition to operational support, including marketing, human resources, technology, and legal. Watson will head the new business in partnership with Slatt Capital president Michael Kaplan and chief operating officer Jason Berry.
“I am excited to partner with Slatt Capital’s forward-thinking leadership in growing our Bridger Fund business. After working in the private money fund business for over 20 years, I knew it was vital for me to align myself with an established firm guided by industry leaders,” Watson said. “I have had the pleasure of working with Slatt Capital since Barry Slatt himself was running the company. I have also enjoyed working with the principals and brokers of Slatt Capital to fund loans for many years. Additionally, my long-standing relationship with Dan Friedeberg dates back to when we met on the football field at UC Davis.”
