The Brodsky Organization is looking to break into the crowded non-bank lending space with a $500 million debt platform.
Brodsky partnered with Paris-based asset manager Tikehau Capital on the new venture, which will focus on financing gaps to real estate borrowers in New York City and beyond.
Both firms are putting in their own money to start the venture. The partners recently provided financing for a 1,000-unit rental development by Charney Companies and Tavros at 175 Third Avenue in Gowanus.
Dean Amro, a principal of the family-led development group, said the debt venture allows Brodsky to diversify its business.
“You see opportunities that are good developments, but you can’t be the developer because you don’t have the time or the bandwidth,” said Amro. “This is a great way to be involved and still make a very good risk-adjusted return.”
The two did not provide specifics about how the debt business would differ from others in the market. Amro said they are open to making construction loans, mezzanine loans, pre-construction loans and other types of financing. They will be able to provide loans at higher leverage points than banks.
“We’re going to be picking what we view to be the right assets, the safe assets, the ones that we’re very comfortable with for a variety of reasons,” said Amro. “We are going to be more opportunistic and strategic for those choices, and not just pushing money out the door like maybe some others have.”
The non-bank lending world consists of firms with deep-pocketed debt funds such as Madison Realty Capital and BDT & MSD Partners, players that count tens of billions in assets, along with mid-size but growing firms such as Northwind Group. Developers such as Silverstein Properties and Naftali Group have their own lending arms to target higher returns than those seen in buying or building real estate.
Investor-driven lenders, which include debt funds, mortgage real estate investment trusts and other private credit lenders, originated 34 percent of all construction loans in U.S. commercial real estate in 2025, according to MSCI, a financial research firm.
Non-bank lending is part of the broader world of private credit in which industry players such as Ares, Blue Owl, and Apollo have seen a surge in redemption requests from investors. In return, some lenders have limited withdrawals.
Worries about private credit and fund redemptions have dominated headlines over fears of essentially a bank run and on the loan quality. But most of the concern is related to loans made toward artificial intelligence, not real estate.
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