Convergent Capital Partners closes $40 mln for fund

Convergent Capital Partners said Monday that it has raised $40 million in the final close of its first fund. The pool will focus on “opportunistic investments” in commercial real real estate. Based in Tampa, Florida, Convergent is a real estate private equity firm.

PRESS RELEASE

Convergent Capital Partners LLC (“Convergent”), a real estate private equity firm headquartered in Tampa announced today the final close of CCP Fund I LLC, an opportunistic commercial real estate fund with $40 million in commitments. With leverage, the Fund will be able to invest up to $125 million in commercial real estate over the next 3 years.
Convergent will focus on value add, adaptive reuse, and opportunistic investments in commercial real estate and commercial real estate related financial instruments, which is consistent with its acquisitions over the past 5 years. Targeted asset classes will include office, retail, hospitality, and multifamily properties in the Southeast and Midwest.
“We continue to remain pleased with the opportunistic real estate opportunities in the market today,” said Nik Sachdev, Managing Director. “With this Fund, we will continue to have the flexibility to pursue both small, niche properties that are overlooked by institutional capital, yet still engage in larger acquisitions with joint venture partners, whom we already have investment experience with.”
Convergent has already made its first investment in the Fund, acquiring a 203,000 sq. ft. office building in Oak Brook, Illinois, for $8 million. “We are very bullish on the Chicago market, and were able to make a great long term investment significantly below replacement cost, in a very strong suburban office market. We continue to look for opportunities to build our portfolio in the Chicago market” stated Santosh Govindaraju, Managing Director for Convergent.
For information about Convergent, please visit their website at www.convergentcap.com.
About Convergent Capital Partners
Convergent Capital Partners is a privately owned real estate private equity firm headquartered in Tampa, Florida. Convergent focuses on opportunistic investments in commercial real estate and commercial real estate related financial instruments.
Since October 2008, Convergent has acquired retail, office, hotel, residential, and mixed use assets real estate assets involving over $400 million of commercial mortgage debt and commercial real estate. The firm makes direct equity, joint venture equity, and debt investments for recapitalization of debt, value-add transactions, and real estate development. For further information, please visit www.convergentcap.com

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