AB CarVal, North River Acquire $340M Portfolio of Performing Multifamily, BTR Loans

Funds managed by AB CarVal, a global alternative investment manager and part of AllianceBernstein’s Private Alternatives business, in conjunction with North River Partners, have acquired a $340-million portfolio of 10 performing multifamily and single-family, build-to-rent construction loans in seven U.S. metro areas.

North River Partners, an existing partner of AB CarVal, will manage the portfolio, which consists of properties in various stages of construction. AB CarVal funded $98 million worth of construction loans with North River Partners in 2025, and this transaction extends that relationship into portfolio-level investing.

“This transaction expands our footprint in multifamily construction credit and demonstrates our ability to uncover attractive relative value opportunities across commercial real estate credit,” said Scott Greenfield, principal with AB CarVal. “We continue to leverage our flexible mandate and broad sourcing network to acquire what we believe to be high-quality assets that may generate compelling risk-adjusted returns for our investors.”

Connect

Inside The Story

AB carVal

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints