Hudson Yards' Oxford Has Big Plans to Finance Other Builders' Projects Across the U.S.
- OMERS unit aims at debt investment of over $6 billion by 2021
- Sees demand for development capital on both coasts, overseas
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Oxford Properties Group has big plans to finance other builders from New York City to Los Angeles and profit from demand for real estate capital.
The property arm of Canadian pension fund OMERS got into the financing business in 2011, in the aftermath of the housing bust, when scarce credit offered an opportunity. Since then, it has invested in more than $3 billion in loans, from bridge financing to mezzanine debt, and plans to boost the total to more than $6 billion by 2021, Kevin Egan, Oxford’s head of New York and global credit, said in an interview.