A Houston-based investment manager focused on multifamily development raised hundreds of millions of dollars for its second fund. Marble Capital LP closed its second fund at $250 million, exceeding the fund's initial target of $150 million, according to a Dec. 18 press release. Marble Capital's first fund closed two years ago at $100 million. Marble Capital primarily provides preferred equity to experienced developers in U.S. growth markets, the release notes. Marble Capital's second fund aims to provide between $5 million and $20 million in capital for each project. The fund has already closed or committed to 16 projects valued at $160 million, and the firm expects to deploy the remaining capital in 2020...

Marble Capital last week wrapped up its second value-added fund with $250 million of equity - $100 million more than the target. The Houston investment manager is shooting for a 12-14% return by supplying capital to multi-family developers. It typi­cally provides preferred equity with coupons of 13-15%, but also invests in common equity. The manager kicks in $5 million to $20 million on indi­vidual projects, with the developer retaining a minority stake. Factoring in leverage and partner capital, the fund could hold stakes in more than $1 billion of investments...

Marble Capital, a Houston-based investment manager focused on multifamily development, has closed its second fund with $250 million in capital commitments, exceeding the fund’s initial target of $150 million. The company’s debut fund closed just two years ago at $100 million. The Fund manager provides primarily preferred equity to experienced developers who build in high-growth markets across the U.S. The Fund seeks to provide $5 million to $20 million in capital per project, selecting projects that fall under the radar of most institutional investors. The Fund has already closed or committed to 16 projects representing $160MM and expects to place the remaining capital in 2020...

A startup investment manager has completed raising $100 million of equity for its debut fund. The Houston shop, Marble Capital, is shooting for a 13-14% return by providing preferred equity to developers of multi­family properties nationwide. The operator aims to work with well-respected developers in top markets. It generally supplies $5 million to $15 million of capital per investment, in the portion of the capital stack between the construction loan and the developer's own equity. For example, if a developer arranges a construction loan covering 60% of a project's cost but can't line up the remaining 40% as common equity, Marble might kick in 25% of the capital, reducing the developer's common-equity commitment to 15%. Marble seeks a preferred return of 13- 15%...