Talmage holds first close for high-yield real estate debt fund

Talmage LLC has held a first close of Talmage Total Return Partners, raising $100 million. The new fund, which is targeting $300 million in investor commitments, opportunistically invests across the capital structure in an array of commercial real estate debt, including CMBS, whole loans, B-notes and mezzanine loans.

“We have commenced investing on behalf of the fund and have already closed two investments totaling $24 million,” says Edward Shugrue III, CEO of Talmage, in a statement. “Our ability to invest across the capital structure in the new issue and legacy markets allows us to uncover well-secured, asset-backed investments with current income that fulfill our strategy.”

Talmage, headquartered in New York City, is an active investor in, and adviser/special servicer on, large