Dream Unlimited Corp. will offer ESG-focused debt capital to the U.S. market through the launch of Avrio Real Estate Credit, in partnership with PaulsCorp LLC. The new joint entity is set to provide loans of USD $25 million to $150 million for the acquisition, refinancing and recapitalization of commercial real estate assets, particularly targeting new low-carbon developments and value-add opportunities to improve energy performance and reduce carbon emissions.
Dream will bring its sustainability and ESG lens to the partnership, applying data collection and analysis resources to gauge assets’ ESG performance and potential environmental, community and investment upside. Pauls comes to the mix with an established track record in development, asset management, property management, construction management and underwriting.
“Given the current supply gap of available debt to meet the needs of real estate operators and developers in the U.S, Avrio will play a critical role in bringing flexible and creative debt funding to developers searching for this type of instrument,” maintains Michael Cooper, Dream’s president and chief responsible officer.
Under the leadership of chief executive officer Vicky Schiff, Avrio is poised to provide short-term, first mortgage debt and a range of structured finance products for projects that align with ESG principles. Schiff is a veteran real estate investor in the U.S. and a member of Dream Industrial REIT’s board of directors.
“We want to work with borrowers who create jobs, encourage education and employee engagement and who are dedicated to building projects that help expand the inventory of workforce, affordable and transitional housing,” she affirms.
Avrio will be headquartered in Denver, with offices in Toronto, New York and Los Angeles. Along with Schiff, Kyle Geoghegan will take on the role of U.S. head of originations. He’s joining Avrio after most recently serving as managing director of Trez Capital.
