Fortress Investment Group is considering a sale of CoreVest, a residential real estate lender that it acquired in 2017.
SoftBank-owned Fortress is “exploring strategic options including a sale” of Irvine, California-based CoreVest, Bloomberg reported. Sources told the outlet that the lender could be valued at $400 million or more.
The firm offers short-term credit lines, bridge financing and loans on both portfolios and single properties. It claims to have closed more than $5 billion in loans across 35,000 properties since its founding in 2014, amid a wave of institutional investment in single-family rentals that followed the housing crisis.
Fortress, a New York-based private equity firm, rebranded the company as CoreVest after acquiring it for an undisclosed sum in July 2017 — about the same time Softbank was in the process of buying Fortress in a $3.3 billion deal.