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Affiliated Capital
James Pelts has chaired Affiliated Capital since 1975, building a Chicago-based real estate finance platform that has structured over $3 billion in CMBS.
Affiliated Capital
AFFILIATED CAPITAL is an SEC-registered investment adviser in CORAL GABLES, FL, registered since 2025. It provides investment advice to clients. The firm is headquartered in CORAL GABLES.
General information
Firm type
Asset Manager
Year founded
1975
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Chicago
Corporate office
Chicago, IL, United States
Principals
James J. Pelts
Chairman
Sector focus
Frequently asked questions
Who runs investment decisions at Affiliated Capital?
James J. Pelts, the founder and Chairman, has led the firm since 1975. All credit and investment decisions flow through his office, reflecting a concentrated, principal-led governance structure. The firm has maintained this centralized decision-making model for nearly five decades.
Is Affiliated Capital a real estate investment trust or an operating company?
Affiliated Capital is an operating company that originates loans and structures commercial mortgage-backed securities, not a REIT. It maintains its own balance-sheet warehouse line to aggregate loans prior to securitization. The firm retains vertical slices of its CMBS transactions to comply with risk-retention rules.
What types of loans does Affiliated Capital originate?
The firm originates first-mortgage bridge loans, structured finance facilities, and mezzanine debt for middle-market commercial real estate. Loan sizes range from $5 million to $50 million. Properties financed include office, retail, multifamily, and industrial assets.
How does Affiliated Capital source deal flow?
The firm sources deals through a long-standing network of mortgage brokers, regional banks, and direct borrower relationships built since the 1970s. Its Chicago base provides access to a deep pool of Midwest commercial real estate sponsors. There is no external sales force or third-party origination agent structure disclosed.
Does Affiliated Capital manage discretionary funds for outside investors?
No. Affiliated Capital is not a fund manager. It operates as a balance-sheet lender that warehouses loans and sells them via CMBS execution. Investors participate at the security level rather than through commingled blind-pool funds, making it a non-discretionary, deal-by-deal participation model.
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