Nasir Alamgir, Philip Adkins, Daron Tubian and Justin Preftakes

The credit apparatus at Barings touched all corners of the market in 2025, emphasizing the residential sector but ensuring it invested capital into every asset class. 

Barings’ real estate debt platform closed $5.1 billion across 67 transactions in 2025, and had a global total of $6.4 billion in 84 total deals. 

The firm’s U.S. volume originated 85 percent of its deal volume into core or core-plus investments, with 53 percent of deals going into the residential space, 23 percent going into hotel and industrial properties, and a surprising 8 percent into office. 

“Over the last year, Barings has primarily taken a ‘barbell’ approach to portfolio sector allocation,” said Nasir Alamgir. “[Which means] having a meaningful allocation to multifamily and industrial loans which typically are lower returning, but also selectively layering in higher-returning opportunities such as office and hotel loans where Barings has conviction with the asset and business plan.”

A full 5 percent of Barings’ credit portfolio is invested into affordable housing. No deal reflects the firm’s commitment to that sector better than the $133.4 million forward commitment it provided for the development of 22 Fulton Street, 396-unit mixed-income multifamily property in Downtown Newark, N.J., of which 80 units will be affordable. 

“Barings’ ability to provide a no-cost early-rate lock option has been an instrumental asset to our borrowers and banking partners looking to take advantage of interest rate market conditions before their projects are fully baked for closing,” said Daron Tubian.   

Other major deals Barings invested into include a $548.5 million loan to refinance Thompson Thrift’s nine-property, 2,500-unit portfolio of multifamily communities across six states; and originating a $303 million debt package with Aareal Capital to refinance a portfolio of seven hotels managed by an affiliate of AJ Capital Partners. 

“Our track record spans across multiple credit cycles, originating commercial mortgage loans for over 150 years … dating back to 1866,” said Justin Preftakes, who noted the Barings debt team has originated $87 billion in CRE loans since 2004. “Our team has deep expertise and the ability to maintain key market relationships.”