AB CarVal, working with North River Partners, has acquired a $340 million portfolio of 10 performing construction loans. The loans cover multifamily and single-family build-to-rent projects spread across seven U.S. metros.
The properties are all in various stages of construction, so this is a bet on projects still being built, not finished buildings already collecting rent.
A Relationship That Just Got Bigger
North River Partners isn't a new face here. The two firms funded $98 million in construction loans together in 2025, and this deal builds directly on that relationship at a much larger scale.
"This transaction expands our footprint in multifamily construction credit and demonstrates our ability to uncover attractive relative value opportunities across commercial real estate credit," said Scott Greenfield, principal with AB CarVal.
A few numbers that show the scale AB CarVal operates at:
$162 billion invested across 5,905 transactions in 82 countries since 1987
Roughly $26 billion in current assets under management
Part of AllianceBernstein's Private Alternatives business
North River Partners will manage the portfolio going forward, overseeing projects still working their way through construction.
Going from $98 million to $340 million with the same partner in about a year is a serious jump in scale, and it puts real numbers behind AB CarVal's construction lending push.
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