London-based Cain International is deepening its holdings in New York, taking advantage of dislocation in the banking industry.
Cain bought a $1.2B portfolio of 10 New York construction loans from Pacific Western Bank, it announced in a release. The portfolio is made up of construction loans focused on multifamily and student housing, with an aggregate principal balance of roughly $500M.
The acquisition is the latest investment from UK-based Cain, which is backed by billionaire Todd Boehly and established itself as a major lending player in U.S. markets in 2019 with a $750M construction loan to luxury hotel Aman New York. 
“This marks a significant moment of growth for Cain’s U.S….