Benefit Street Partners (BSP), a leading credit-focused alternative asset manager, announced the final close of BSP Real Estate Opportunistic Debt Fund II (“ODF II”), providing $10 billion of investable capital, inclusive of related vehicles and anticipated leverage, across $3 billion of equity commitments. This fundraise caps a year of historic deployment for BSP’s commercial real estate team, which originated nearly $9 billion of real estate investments during 2025.
Consistent with its predecessor fund, ODF II focuses on originating senior and junior commercial real estate debt investments across major U.S. markets, with a particular emphasis on the multifamily sector. The strategy leverages BSP’s integrated credit platform and longstanding relationships with borrowers, sponsors, and intermediaries nationwide, targeting middle-market opportunities where flexible capital and deep underwriting expertise can unlock value in transitional, distressed, or otherwise complex commercial properties.
“The continued shift toward private credit solutions in U.S. commercial real estate lending is creating an opportunity set we believe is both compelling and enduring,” said David Manlowe, Chief Executive Officer of BSP. “With our scale, experience, and disciplined approach to credit, BSP is well positioned to capitalize on today’s market environment. We are grateful for the strong support from our investors and remain focused on delivering attractive, risk-adjusted returns across the cycle.”
“We appreciate the trust our investors have placed in BSP, reflecting their conviction in our platform and in the opportunities present across the real estate lending market today,” said Michael Comparato, Senior Managing Director and Head of Real Estate at BSP. “With traditional lenders pulling back and a significant wave of maturities ahead, we see a favorable backdrop for well-capitalized private lenders. Our experience across cycles and longstanding relationships position us to originate high-quality, well-structured loans in a market where private capital is increasingly essential.”
BSP’s Real Estate debt platform has been active in commercial real estate lending since 2013, with over 300 dedicated real estate professionals in the United States today. The platform has originated more than $30 billion of investments and maintains relationships with top-tier operators and institutional sponsors across major U.S. markets.