Charlie Rose, Teresa Zien, Yorick Starr and Justin Chausse

harlie Rose’s team at Invesco Commercial Real Estate Finance Trust was quite busy breaking firm records for origination volume in 2025 and bringing the firm’s assets under management within real estate credit past $10 billion for the first time. 

Rose’s 35-person credit office at Invesco — led by managing directors Teresa Zien, Yorick Starr and Justin Chausse — originated $4.1 billion in U.S. real estate loans over the last 12 months. The group’s global total of $4.5 billion loans represented a 63 percent year-over-year increase in investment activity.

Rose said his team’s approach to lending is informed by Invesco’s 41-year track record as equity investors, which is built on two pillars: a credit-over-yield discipline, and prioritizing a property-first approach to underwriting

“We only lend on real estate in markets and property types where we have convictions on a last-dollar basis,” he said. “We’re a relationship lender, focused on multi-repeat business, but highly selective with the underlying collateral given that property-first approach that we consistently apply.”

Invesco defines success as originating the highest-quality, floating-rate transitional loans available in the market and prioritizing borrowers with whom it has personal relationships. In 2025, 64 percent of its $4 billion in loans were made with relationship borrowers, 71 percent of which were sourced through proprietary origination channels. 

“The result of that approach is a focus on institutional-quality real estate and the best sponsors in the business,” said Rose.  

Last year, Invesco provided Sixth Street Partners and Madera Residential with $390 million in acquisition financing to buy six multifamily properties in Houston holding nearly 2,000 units. It also provided a subsidiary of Bridge Investment Group with $354.6 million to refinance a portfolio of 24 industrial assets, spanning more than 2.4 million square feet across six states. 

Half of the firm’s origination volume in 2025 was in multifamily and student housing, with the vast majority of the remaining activity in multi-tenant industrial assets. 

“Those convictions are both aligned with where our sponsors are most active and with our top-down views on the market,” said Rose. “I think that you’ll see our breadth of lending continue to expand into 2026.”