Stockdale Capital Partners Launches $300 Million Real Estate Credit Platform, Names Alec Maki as SVP

LOS ANGELES & NEW YORK — Stockdale Capital Partners announced Sept. 11 the launch of a dedicated real estate credit platform and the appointment of Alec Maki as Senior Vice President of Credit Investments, marking the vertically integrated firm's formal expansion beyond equity investments into debt strategies.

The platform carries a short-term deployment target of roughly $300 million over the next 12 months, with Maki operating out of the firm's New York office.

Platform Strategy and Target Investments

The new credit platform will focus on flexible capital solutions nationwide, encompassing senior bridge loans, mezzanine loans, note purchases and special-situation investments across a broad range of commercial real estate asset classes. Stockdale will initially target loan opportunities ranging from $15 million to $75 million — a segment of the market where, according to Maki, fewer capital providers are active and virtually none maintain an operating platform to support such activities.

The strategy will remain flexible across geographies and property types, with a particular emphasis on office, life science and hospitality assets, where market liquidity has remained limited. Those sectors are among the most acutely stressed in the current commercial real estate environment: office CMBS delinquency has climbed above 10%, and office assets account for a disproportionate share of total distressed loan balances nationally. Hospitality loans, a large proportion of which carry floating rates, face elevated refinancing risk as maturities stack up through 2026 and 2027.

The broader CRE debt market is contending with an estimated $875 billion in loans maturing in 2026, with that figure projected to rise to approximately $1.26 trillion in 2027. That wave of maturities has created sustained demand for bridge capital, mezzanine financing and special-situation recapitalizations — precisely the instruments Stockdale's new platform is designed to provide.

"By leveraging the firm's vertically-integrated operational expertise across asset classes, we will be able to underwrite transactions more efficiently, better assess risks with greater conviction, and structure flexible capital solutions for borrowers facing complex situations," Maki said.

Alec Maki's Background and Hire

Maki joins Stockdale from Fortress Investment Group, where he spent more than seven years on the firm's real estate debt originations team. During his tenure at Fortress, he participated in more than $4 billion of transaction volume, underwriting and executing financings across multifamily, office, retail, hospitality, industrial, land and condominium assets throughout the United States.

At Stockdale, Maki will initially work alongside Chase Jensen, the firm's Managing Director of Acquisitions. The two previously worked together at Fortress, where they originated credit, equity and preferred equity investments across a broad range of asset classes. The firm said additional hires will be announced to broaden the team's capabilities and reach.

Firm Context and Leadership Commentary

Stockdale Capital Partners is a vertically integrated real estate investment firm with operational capabilities spanning multiple asset classes and geographies. The firm said the launch of a dedicated credit vertical formalizes credit activity it has pursued selectively over the years.

"Stockdale has selectively invested in credit opportunities over the years and the launch of a dedicated credit vertical formalizes that effort and positions us to leverage our growing operating platform to pursue debt investments with greater scale, focus, and consistency. We see tremendous opportunity to build a premier real estate credit platform," said Co-Founder and Managing Partner Daniel Michaels.

Market Backdrop

The platform launch comes as traditional lenders and large institutional funds have pulled back from mid-market commercial real estate debt, leaving a capital gap that private credit and bridge lenders have moved to fill. Overall CMBS distress rates have climbed to roughly 12% across major U.S. markets, with aggregate CMBS delinquency reaching approximately 6.5% in mid-2026, compared with around 3% before the pandemic. Office assets account for nearly half of all distressed loan balances nationally, with office CMBS distress rates in top U.S. markets reaching approximately 17%.

For a vertically integrated operator with asset-level expertise across the property types most affected by the current dislocation, the credit market presents conditions that make debt origination particularly attractive alongside traditional equity investment strategies.

Sources

Stockdale Capital Partners — Official Announcement