Overview

About Our Firm

Calmwater is an experienced direct commercial real estate bridge lender based in Los Angeles. Founded in 2010, our investor base has grown to include state and international pension funds, top university endowments, and ultrahigh net worth individuals and family offices located both domestically and abroad.

With a focus on senior secured commercial real estate bridge loans between $7.5 and $75 million, we have originated senior and mezzanine loans as well as preferred equity investments for over 14 years. Calmwater Asset Management, LLC (dba Calmwater Capital), is an SEC Registered Investment Advisor.

*Status as a SEC Registered Investment Advisor does not imply (1) a certain level of skill or training; and (2) that the SEC has endorsed or approved Calmwater Capital’s investment methodology or practices.

Corporate Milestones

2010

Calmwater Management, Inc. (“Calmwater Management”) is formed as a real estate lending platform of Karlin Asset Management, a Los Angeles based family office
2011

Calmwater Management originates over $50M in loan commitments for the calendar year
2013

Calmwater Management originates over $200M in loan commitments for the calendar year
2015

Calmwater Asset Management, LLC (“Calmwater Capital”) is relaunched as an independent investment platform and closes on a $100M separate account with a top university endowment
2017

Calmwater Capital becomes a Registered Investment Advisor and closes on a $636M co-mingled fund which includes state and international pension funds, top university endowments and family offices
2018

Calmwater Capital surpasses $2B in total loan commitments since inception
2021

Calmwater Capital has an initial closing for Fund IV. Calmwater surpasses $3B in total loan origination as of May 2021
2023

Calmwater Capital raises $372M for its fourth real estate private debt fund

Building with colorful mural on the side

Investment Strategy

Identifying Opportunity

Our mature investment platform and national presence allow us to identify and capitalize on unique opportunities. We combine an institutional process with the flexibility of direct lending to take advantage of market inefficiencies, with an acute focus on downside protection and superior risk-adjusted returns for our investors, not just in good times, but across market cycles.

Corporate Responsibility

Responsible Investing

Calmwater Capital appreciates the increasing importance of environmental, social and governance (ESG) issues to both sponsors, managers and investors. Calmwater’s investment committee is committed to identifying and considering ESG risks and value creation opportunities in our investment strategy and underwriting process.

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We will incorporate environmental, social, and corporate governance (ESG) issues into investment analysis and decision-making processes.
We will be active owners and incorporate ESG issues into our ownership policies and practices.
We will seek appropriate disclosure on ESG issues by the entities in which we invest.
We will promote acceptance and implementation of the Principles within the investment industry.
We will work together to enhance our effectiveness in implementing the Principles.
We will each report on our activities and progress towards implementing the Principles.