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ATTICUS REAL ESTATE CAPITAL
David W. Burns launched Atticus Real Estate Capital in 2010 alongside Michael S.
ATTICUS REAL ESTATE CAPITAL
David W. Burns launched Atticus Real Estate Capital in 2010 alongside Michael S. Bagnoli, establishing a boutique specialty finance firm focused on transitional commercial real estate credit. The founding team brought institutional experience from Cerberus Capital Management, where they managed complex distressed and special-situation real estate investments through multiple credit cycles. Atticus emerged as a direct answer to the post-GFC financing void: regional banks retreated from construction and bridge lending precisely when sponsors needed flexible execution for value-add and light-repositioning projects. The firm provides floating-rate, first-mortgage bridge loans ranging from $5 million to $50 million per transaction, targeting middle-market sponsors acquiring or recapitalizing office, multifamily, industrial, hospitality and mixed-use properties. The credit box emphasizes in-place cash flow, sponsorship quality and a clear path to stabilization within the loan's 12-to-36-month term — Atticus does not lend on raw land or pre-revenue ground-up development. The portfolio is national in scope, with confirmed lending activity across the Sun Belt, Northeast and Midwest (per the firm's investor communications). The structure is deliberately narrow: Atticus raises discrete limited-partnership funds supporting each vintage of loans, avoiding open-end REIT structures that create redemption-mismatch risk against an inherently illiquid bridge-loan book. Atticus operates from its New York headquarters and manages capital through a series of closed-end vehicles. The firm deploys roughly several hundred million dollars per fund cycle, targeting a loan-to-value ratio not exceeding 75% (per the firm's communications to limited partners). The investor base is concentrated among family offices, registered investment advisers and smaller institutional allocators who receive granular asset-level reporting on each loan. Atticus does not operate a permanent capital vehicle, a retail fund, or a philanthropic foundation — it is a pure-play bridge-lending operator with a balance-sheet-light model that aligns fund-life duration with underlying loan maturities and maintains a consistent pace of three to six loans per quarter. The structural differentiator is Atticus's position in the capital stack: it lends at the senior level but operates with a speed and certainty of execution that institutional balance-sheet lenders cannot replicate. The firm in-house underwriting capability allows Atticus to issue term sheets within 72 hours and close within 30 days on a typical loan — a pace that competes with debt funds running twice its asset base — while maintaining first-mortgage creditor protections. This creates a genuine hybrid posture: senior-secured risk paired with private-credit-style responsiveness, drawing borrowers who trade a modest spread premium for certainty of close.
General information
Firm type
Asset Manager
Year founded
2010
AUM
$100M - $500M (Altss estimate)
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
David W. Burns
Founder & Managing Principal
Michael S. Bagnoli
Managing Principal
Sector focus
Frequently asked questions
What type of financing does Atticus Real Estate Capital provide?
Atticus provides floating-rate, first-mortgage bridge loans secured by transitional commercial real estate. Loans typically range from $5 million to $50 million and are structured as short-term senior debt for sponsors executing value-add business plans, lease-up, or light renovation. The firm does not originate mezzanine debt, preferred equity, or common equity positions — it remains strictly senior in the capital stack.
What property types and geographies does Atticus target?
Atticus lends against the five major commercial property types — office, multifamily, industrial, hospitality and mixed-use — across major US markets. Deal flow is national with a focus on Sun Belt growth corridors, Northeast gateway cities and select Midwest opportunities. The firm avoids niche property types with limited institutional exit demand, such as self-storage, student housing and single-tenant net-lease assets.
How is Atticus capital raised and structured?
Atticus raises capital through closed-end limited-partnership funds, not open-ended REITs or interval funds, creating structural alignment between fund life and the illiquidity of bridge loans. Each fund invests in a defined vintage of loans, and investors receive asset-level performance reporting. The LP base is concentrated among family offices, RIAs and small institutional allocators, rather than public pension funds or sovereign wealth funds.
Who runs investment decisions at Atticus Real Estate Capital?
David W. Burns and Michael S. Bagnoli jointly lead the firm as Managing Principals. Both came from Cerberus Capital Management, where they underwrote and managed distressed and performing real estate credit. The investment committee is small — typically just the two principals — which allows same-day term-sheet issuance in many cases.
How does Atticus differentiate from bank bridge lenders and larger debt funds?
Atticus competes on execution speed and flexibility rather than cost of capital. The firm's in-house underwriting team can issue a term sheet within 72 hours and close within 30 days, a pace that institutional bank lenders rarely match for middle-market loans. This attracts sponsors who prioritize certainty of close — often for off-market or time-sensitive acquisitions — and are willing to pay a modest spread premium for it.
What is Atticus's credit box and what does it explicitly avoid?
Atticus focuses on transitional assets with existing cash flow and a clear path to stabilization over 12 to 36 months. The maximum loan-to-value ratio is 75 percent, and the firm requires sponsorship with demonstrated experience in the relevant property type and market. Atticus explicitly avoids raw land, pre-revenue ground-up construction, and deeply distressed loans with uncertain workout paths.
Does Atticus operate any philanthropic or adjacent investment vehicles?
Atticus does not maintain a philanthropic foundation, donor-advised fund, or affiliated operating company. The firm is exclusively a credit investment manager — it has no real-estate equity fund, no property management arm, and no retail investment product. This single-strategy focus prevents the mandate drift that can occur when firms layer equity vehicles onto credit platforms.
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