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A. J. Perry & Co.
Andrew Perry founded the firm in 1991 after a decade in New York commercial mortgage banking, structuring what was then an unusual model: originate and...
A. J. Perry & Co.
Andrew Perry founded the firm in 1991 after a decade in New York commercial mortgage banking, structuring what was then an unusual model: originate and hold bridge loans on the firm's own balance sheet rather than selling them off to a syndicate. The firm's wealth origin is tied to Perry's personal capital and retained earnings — there is no outside family wealth or institutional fund behind it. This structure lets the firm move from term sheet to closing in under two weeks, a speed that traditional bank lenders and fund managers cannot match. The firm concentrates on first-lien bridge loans and ground-up construction financing, typically $1M to $20M per deal, for sponsors active in New York City's outer-borough and sub-institutional markets. Asset classes include multifamily, mixed-use, condominium conversions, and light industrial. The firm does not participate in fund commitments or equity co-investments — every dollar deployed sits inside a direct mortgage note held on its own books. Confirmed transactions include a $12M construction loan for a 28-unit residential project at 1659 Amsterdam Avenue (per The Real Deal, 2019) and a $7M bridge note on a mixed-use property in Williamsburg (per Commercial Observer, 2018). Geographic coverage is almost entirely New York City, with occasional deals in Nassau County and northern New Jersey. The firm operates from a single office in Manhattan. Total lifetime deployment is cited in trade press as exceeding $1B (per The Real Deal, 2019), though current outstanding loan book figures are not disclosed. The firm does not maintain any adjacent philanthropic vehicles, club memberships, or affiliated operating companies that are a matter of public record. In the absence of any website or public communications platform, A. J. Perry & Co. transacts entirely through a network of repeat mortgage brokers and sponsor referrals — it has no marketing arm, no formal investor relations, and no published track record. The structural differentiator is the proprietary balance sheet itself. Because the firm does not answer to limited partners, it can hold loans through maturity without forced sales, accept irregular amortization schedules, and move at timelines that institutional credit funds cannot replicate. This is a single-owner, single-decision-maker credit boutique operating in the most capital-competitive real estate market in the United States — and it has done so for over three decades without ever publishing a fund return or holding a single limited-partner annual meeting.
General information
Firm type
Asset Manager
Year founded
1991
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Andrew J. Perry
Founder & CEO
Sector focus
Frequently asked questions
Who runs investment decisions at A. J. Perry & Co.?
Andrew Perry, the founder, makes all credit decisions directly. The firm has no public-facing investment committee and no named partners beyond Perry himself. This is a sole-operator structure: loan sizing, terms, and hold/sell decisions on the balance-sheet portfolio rest with a single decision-maker, which is unusual at the firm's stated lifetime deployment scale.
How does the firm source its deal flow?
Deal flow comes almost entirely through a network of repeat mortgage brokers and sponsor relationships built over three decades. The firm has no website, no marketing materials, no online presence, and no formal origination team. In practice, a borrower or broker knows Perry directly or is referred by someone who has closed with him before — this makes the pipeline effectively opaque to outsiders and unreplicable for a new entrant.
Is A. J. Perry & Co. structured as an investment fund or a direct lender?
It is a pure balance-sheet direct lender. The firm has never raised a fund, does not manage outside capital, and holds every loan it originates on its own books. This distinguishes it from closed-end real estate credit funds that must deploy by a given date and exit by a hard maturity — Perry's firm can hold a performing loan indefinitely or work out a distressed one without LP pressure.
Does the firm invest in equity or participate in property ownership?
The firm only takes first-lien mortgage positions. It does not make equity co-investments, does not take partnership interests in sponsor entities, and does not acquire real estate for its own account. If a loan defaults, the firm's recourse is foreclosure on the collateral — but there is no record of the firm operating properties as a landlord or developer.
What investment stages and loan types does the firm typically target?
The firm targets transitional and construction-phase financing: bridge loans on properties requiring renovation or lease-up, and ground-up construction loans on residential and mixed-use projects. Loan sizes reported in trade press range from $1 million to roughly $20 million. The firm does not make permanent loans, agency-eligible multifamily debt, or unsecured corporate loans.
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