Eldridge Capital: US financial investor finances Swiss residential projects
The asset manager Eldridge Capital Management, which is primarily active in the USA and Europe, is putting together a loan package worth CHF 114 million for the project developer Lika for projects in Graubünden, Lucerne and Zug.
The US asset management and insurance holding company Eldridge Capital Management has announced its entry into the Swiss real estate financing market. Through its subsidiary Eldridge Real Estate Credit, the company is providing three loans totaling CHF 113.7 million to the project developer Lika for the development of residential properties. Eldridge is also active in the UK and continental Europe and has a real estate financing business in the US market.
Specifically, Eldridge is financing Lika's development projects in Celerina (GR), Lugano and Zug with a total of around 100 apartments and 17 commercial units. «We are extremely proud to begin our partnership with Eldridge with these three projects, and this will be the prelude to many more,» said Esat Likaj, founder and CEO of Lika. His company has completed more than 54 projects involving 200 buildings across Switzerland since it was founded in 2012, with ten projects currently under construction and a further 18 in development.
«We are delighted to partner with Lika, whose strong network of relationships, extensive operational and construction expertise and many years of experience make them an outstanding partner for our first investments in Switzerland,» said Nikos Yerolemou-Ennsgraber, Senior Director at Eldridge Capital Management. The financings are structured as whole loans. Eldridge's real estate finance arm has originated over $12 billion in loans and focuses on investment opportunities in term loans, construction loans, transitional loans and «special situations along the capital structure».
Capital flows to Europe and Switzerland scores with stability
The plans to enter the Swiss market matured last year, explains Yerolemou-Ennsgraber when asked by «Immobilien Business». «Initially, we identified a financing gap, particularly for larger development projects, which in our opinion opened up an opportunity to consider entering a market that was previously closed and well supplied with bank financing.» The company also believes that long-term stability, sustained demand and a supply deficit speak for the local residential real estate market. «We believe that the investment opportunity has become even more compelling this year, driven by a shift of capital to Europe.» Eldrige sees a «second tailwind» in the growing demand for high-quality assets driven by global wealth creation, according to Yerolemou-Ennsgraber.
In total, Eldridge manages assets of over USD 70 billion. The subsidiary Eldridge Real Estate Credit is the brand name of Cain's real estate credit team, which joined Eldridge Capital Management in June 2025. (aw)
