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California  + San Diego  + Finance  | 

Ethan Penner, Chad Carpenter Launch Office Finance REIT

Commercial real estate leaders Ethan Penner and Chad Carpenter have launched Reven Office REIT, a U.S. office-focused real estate finance company. Based in San Diego with Penner as board chairman and Carpenter as CEO, the newly-formed company aims to raise $1 billion, through a lead investor and a blind pool IPO, to provide office owners and investors with bespoke financing solutions.

Reven Office REIT will utilize a low-risk strategy to take advantage of the significant capital void for office debt by originating first mortgages, mezzanine debt and preferred equity. The company will also make strategic investments in distressed office debt and properties at attractive discounts.

Penner said, “With our proven record as commercial real estate lenders and owners, we believe we can create a market-leading credit platform that caters to high quality office owners and investors, who are faced with extremely limited financing options.”

Added Carpenter, “Nearly $150 billion of mortgages on U.S. office buildings are maturing by the end of 2024, and just over $300 billion of loans will mature by the end of 2026, which presents a sizable opportunity for well-capitalized debt platforms. We believe the current downturn will provide many opportunities to lend to and acquire office debt and invest in buildings at a low basis.”

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Reven Office REIT

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).

  • ◦Financing
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