Nasir Alamgir
Head of U.S. and European real estate debt at Barings
In 2024, Barings Real Estate Debt closed $3.21 billion across 47 loans globally, with $2.64 billion of that volume in the U.S.
Nasir Alamgir notes that one aspect of Barings’ success comes from being a perpetual lender in the real estate markets.
“We don’t jump in and out of the market like others might,” Alamgir said an email to Commercial Observer. “I always like to share the anecdote of Barings closing a New York City construction loan in March 2020. We could have easily backed out of the deal, but that isn’t how we operate.”
Alamgir considers Barings’ market continuity a way to assure sponsors of certainty of execution.
“More than half of our yearly origination activity is from repeat borrowers,” said Alamgir. “Barings wants to be there for them as a one-stop solution for all their lending needs, from construction loans, to bridge loans, to ultimately a long-term, fixed-rate loan.”
While Barings transacts across sectors, industrial is its most dominant, comprising 44.4 percent of its activity in the U.S. and 48.7 percent globally.
Alamgir credits this in part to increasing activity among data centers.
“While warehouses and distribution centers were a focus for us in 2023 and 2024, data centers are increasingly becoming a prominent way that we are participating with commercial and industrial credit profiles,” said Alamgir. “Partnering with the Barings Infrastructure team, this subsector represents the most active segment of deal activity across the entire infra space.”
Barings’ notable 2024 transactions include the $244 million refinancing of a 6.4 million-square-foot industrial portfolio in Kansas; a $114 million loan to finance a newly built 893,000-square-foot warehouse in Nevada; and a $115 million loan to refinance the Renaissance Boston Seaport District hotel in Boston.
