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European Commercial Real Estate Debt

AB’s commercial real estate debt platform reflects the firm’s research-driven investment approach and long-term perspective. Across Europe, we focus on risk-adjusted return potential through flexible, relationship-oriented financing solutions designed to support borrowers across market cycles.

Experienced Team. Flexible Solutions.

Commercial real estate direct lending is a core component of AB’s private alternatives platform, with established lending businesses in Europe and the US and more than 35 investment professionals dedicated to commercial real estate debt investing. Since launching in the US in 2012 and expanding into Europe in 2020, the combined platform has raised approximately €12 billion in dedicated capital commitments, including more than €1.6 billion focused on European opportunities for the European Commercial Real Estate Debt (“ECRED”) platform.*

AB ECRED focuses on providing tailored capital solutions to experienced sponsors across European markets. The team combines deep real estate credit expertise, disciplined underwriting and extensive jurisdictional knowledge with longstanding borrower and market relationships throughout Europe. This approach enables the platform to structure flexible financing solutions while seeking to deliver attractive risk-adjusted outcomes for investors.

The platform invests across the capital structure, including senior loans, whole loans, subordinate loans, and preferred or structured equity investments. Investment opportunities are sourced through both direct origination and secondary participations or syndications across traditional and alternative property sectors.

AB ECRED underwrites investments across major European jurisdictions and throughout multiple stages of a property’s lifecycle, including development, refurbishment, repositioning, stabilization and asset sell-down strategies. With experienced investment professionals based across the UK and continental Europe, the team seeks to provide borrowers with responsive execution, local market insight and certainty of capital.

*Capital raised as of 31 December 2025

US $2.0 billion
Assets Under Management
56
Transactions Completed to Date

*As of 31 December 2025

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Representative Transactions

Subordinated Loan
United Kingdom, PBSA
Investment Date: February 2024
Subordinated Loan
Ireland, Hospitality
Investment Date: August 2023
Senior Loan
United Kingdom, Logistics
Investment Date: April 2023
Whole Loan
Spain, Residential
Investment Date: July 2022

Senior Team

Clark Coffee

Chief Investment Officer and Head—European Commercial Real Estate Debt
clark.coffee@alliancebernstein.com

Clark's Bio

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@alliancebernstein.com

Shivam's Bio

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@alliancebernstein.com

Daniel's Bio

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

This is a marketing communication. This information is provided by AllianceBernstein (Luxembourg) S.à r.l. Société à responsabilité limitée, R.C.S. Luxembourg B 34 305, 2-4, rue Eugène Ruppert, L-2453 Luxembourg. Authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). It is provided for informational purposes only and does not constitute investment advice or an invitation to purchase any security or other investment. The views and opinions expressed are based on our internal forecasts and should not be relied upon as an indication of future market performance. The value of investments in any of the Funds can go down as well as up and investors may not get back the full amount invested. Past performance does not guarantee future results. 

This information is directed at Professional Clients only and is not intended for public use.

© AllianceBernstein L.P.