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Alcove Capital
Alcove Capital originates and underwrites short-to-intermediate-term senior secured loans against commercial real estate assets, with an emphasis on...
Alcove Capital
Alcove Capital originates and underwrites short-to-intermediate-term senior secured loans against commercial real estate assets, with an emphasis on transitional and value-add properties requiring flexible capital solutions. The firm targets middle-market deal sizes, typically ranging from $5 million to $50 million, across primary and secondary US markets including California, New York, and Florida. Asset classes within the mandate include multifamily, industrial, office, and retail — with credit terms structured as bridge loans carrying 12-to-36-month maturities. The firm maintains origination and underwriting capabilities distributed across seven offices, suggesting a localized approach to sourcing rather than centralized capital deployment. Alcove Capital structures its loans to accommodate property repositioning, lease-up, renovation, and adaptive reuse strategies — situations where conventional bank financing is unavailable or misaligned with sponsor timelines. The firm competes with other non-bank private credit platforms, debt funds, and mortgage REITs for deal flow sourced through broker networks and direct borrower relationships. Alcove Capital's geographic footprint — San Francisco, Salt Lake City, Walnut Creek, Menlo Park, New York, Miami, and Santa Monica — positions the firm to cover both gateway markets and secondary growth corridors. The multi-office distribution suggests a team structure organized around regional relationship management, with origination officers embedded in local markets to source off-market and lightly brokered transactions. Structurally, Alcove Capital functions as a private credit platform rather than a registered investment advisor or public vehicle, operating outside the regulatory and duration-matching constraints that govern bank and insurance-company lenders. This posture allows for customized deal structures, faster execution, and higher leverage points than conventional lenders can offer — the firm's primary competitive distinction in a crowded private credit landscape.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Additional offices
Salt Lake City, UT · Walnut Creek, CA · Menlo Park, CA · New York, NY · Miami, FL · Santa Monica, CA
Sector focus
Frequently asked questions
What type of real estate loans does Alcove Capital originate?
Alcove Capital focuses on senior secured bridge loans for transitional and value-add commercial real estate. Loan structures are typically short-term — 12 to 36 months — and support property renovations, lease-up periods, and repositioning strategies. The firm targets middle-market transactions between $5 million and $50 million.
How does Alcove Capital source its deal flow?
The firm maintains a distributed origination model with offices in San Francisco, Los Angeles-area offices, Salt Lake City, New York, and Miami. This multi-market presence enables localized broker and sponsor relationships. Most deal flow comes through commercial mortgage brokers, repeat sponsor relationships, and direct borrower outreach rather than auction processes.
Does Alcove Capital invest equity or only originate debt?
Alcove Capital operates exclusively as a lender, originating and holding senior secured bridge loans. The firm does not participate in equity co-investments, preferred equity, or mezzanine positions alongside its debt — it stays within the first-mortgage position in the capital stack.
Which property types and markets does Alcove Capital target?
The credit mandate covers multifamily, industrial, office, and retail properties across primary and secondary US markets. The firm is active in California, New York, and Florida, with additional coverage in growth corridors served by its regional offices. Alcove Capital does not disclose explicit sector exclusions.
How is Alcove Capital funded — does it manage outside LP capital?
The firm's capital structure is not publicly disclosed. Private credit platforms of this scale typically fund through a combination of committed discretionary funds, separately managed accounts, and warehouse credit lines. Alcove Capital has not published fundraising announcements or registered vehicles that would clarify its investor base.
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