European Commercial Real Estate Debt

Our real estate platform leverages AB’s culture of research-based, deep value investing. We work to deliver attractive risk-adjusted returns to investors in transitional lending.

Experienced Team. Solution-Focused.

Real estate direct lending is a pillar of AB’s alternative investment business, with platforms in Europe and the US and over 29 investment professionals dedicated to commercial real estate debt. Combined, the platforms have raised over €12 billion of capital commitments, with more than €1.6 billion dedicated to European opportunities for the European Commercial Real Estate Debt (“ECRED”) platform.*

AB focuses on providing flexible capital to sponsors, which helps them implement their business plans and drives financial returns. The ECRED team brings experience, impressive breadth of knowledge, and an extensive relationship network throughout Europe, delivering unique value to borrowers and ECRED investors.

In the region, AB invests across the capital structure, including whole loans, subordinate loans, and preferred/structured equity. The business focuses on both direct origination and secondary participations/syndications to source investment opportunities.

The team underwrites traditional and alternative property types across all major European jurisdictions. Its lending criteria supports all stages of a property’s lifecycle including development, refurbishment/repositioning, stabilization, and sell-down business plans. AB underwrites loans ranging in size from €25 to €100 million.

With seasoned investment professionals based in the UK and continental Europe, AB is a solutions-oriented capital partner committed to providing clients with timely responses and a high level of execution certainty.
*Capital raised as of 31 March 2023

A Lender’s Market in 2023

Reduced competition is leading to greater choice and better terms.

(Re)Emerging Funding Gap in European Commercial Real Estate Debt

Stricter bank regulation and rising rates will expand the market opportunity for alternative lenders.

Representative Transactions

Whole Loan
Spain, Residential For Sale
Investment Date: 1 August 2022
Whole Loan
Netherlands, Mixed Use
Investment Date: 29 July 2022
Subordinate Loan
United Kingdom, Residential For Rent
Investment Date: 27 January 2022
Whole Loan
United Kingdom, Residential For Sale
Investment Date: 29 March 2021

Senior Team

Clark Coffee

Chief Investment Officer and Head—European Commercial Real Estate Debt

Clark Coffee

Clark Coffee is the Chief Investment Officer and Head of European Commercial Real Estate Debt. His previous business, Lacarne Capital, was acquired by AB in 2020 to establish the firm’s real estate debt business in Europe. Previously, Coffee was head of Tyndaris Real Estate, where he was responsible for building the business into a top-10 real estate debt fund in Europe. Prior to that, he co-headed origination for Deutsche Bank’s European commercial real estate credit business and oversaw the risk management and restructuring of more than €2 billion of troubled loans during the global financial crisis. Coffee holds a BA in economics from Lake Forest College and an MBA from the University of Michigan. Location: London/Frankfurt

Shivam Rastogi

Managing Director—European Commercial Real Estate Debt

Shivam Rastogi

Shivam Rastogi is Managing Director for the European Commercial Real Estate Debt business. Before joining AB in 2020, he served as managing director and head of commercial real estate debt origination and high-yield lending at Deutsche Bank for EMEA. As the leader of the EMEA origination team, Rastogi was responsible for the team’s sourcing, pricing, financing and structuring transactions and managing the investment portfolio. Prior to that, he worked on the investment banking team at Bank of America. Rastogi has completed an executive program in finance from Columbia Business School and holds an MS in finance from IBS Hyderabad, India. Location: London

Daniel Stengel

General Counsel—European Commercial Real Estate Debt

Daniel Stengel

Daniel Stengel is General Counsel of European Commercial Real Estate Debt. Before joining AB in 2020, he was general counsel of Tyndaris Real Estate, and prior to that he was a managing associate at Linklaters, based in London, Berlin and Frankfurt. Stengel holds an MA (with Merit) in philosophy from the University of Sydney, and studied law in Freiburg, Paris and Berlin. He is qualified as a lawyer in Germany, and as a solicitor in England and Wales. Location: Frankfurt