Jason Kollander and Adam Piekarski

In a year when playing defense was the default, BDT & MSD Partners scored on offense.

“Today is the best time to play offense when others are sidelined and playing defense,” said Adam Piekarski. “A lot of these deals just go to show that.”

Indeed, the past year has been an active one for the firm, which formed in 2023 through the merger of BDT & Company and MSD Partners. From March 1, 2023, to March 1, 2024, the firm originated $2.5 billion in transaction volume despite market headwinds. Its portfolio today for the most part consists of senior secured loans across hospitality, industrial, residential, student housing, retail and office. 

It’s the latter category that encompasses some of the firm’s most notable transactions. While many banks shied away from office loans, BDT & MSD Partners took advantage of the market’s dislocation to close on two trophy office assets: West Palm Beach’s Esperanté Corporate Center and New York City’s Seagram Building.

“Even though we are not scared of targeting financings for really high-performing, cash-flowing and trophy office assets, we’re still focused on our core business of industrial and residential financings,” said Jason Kollander.

The bank has therefore found ample opportunities in the $100 million-plus space. Fewer firms have been able to write large checks, so BDT & MSD Partners’ certainty of execution carries weight with its sponsors, said Kollander. Of 2023’s deals, 50 percent were with repeat sponsors. Pulling off such an offensive strategy requires both acting as capital solutions providers for borrowers and strategically targeting specific core assets.

“It’s being present in the market — not just sitting back and waiting to receive a call from a firm who’s putting together a deal, but actively being out there with your proprietary network of sponsors, of borrowers, and making sure that you’re meeting their needs,” said Kollander.