Alcova Capital’s home is the 43rd floor of the GE Building, an Art Deco icon built in 1931 to house RCA and later its parent General Electric.
Alcova provides commercial real estate developers flexible bridge lending solutions.
Alcova offers investors robust, uncorrelated and contractual income.
Our Strategy
Alcova builds on its longstanding real estate industry relationships to source, evaluate, underwrite, execute on and manage real estate bridge loans.
Privately originated real estate investments:
Bridge Lending
Alcova takes a flexible and creative approach with a speed and certainty of execution to help borrowers acquire properties and execute on their business plans.
B-Notes/Mezzanine Loans/Preferred Equity
Alcova can provide a one-stop financing solution by pairing a senior bridge loan with subordinate debt or preferred equity.
Opportunity Zone Equity
Alcova utilizes its lending platform to source opportunistic, bespoke Qualified Opportunity Zone equity investments.
ALCOVA / ‘al’kōv’a / noun: Italian; translation: alcove
A niche inlay apart from a greater space, denoting a unique purpose and role
A place apart from the trafficked mainstream, offering a recess from the crowd
Alcova Capital seeks to deliver attractive risk-adjusted returns from structurally inefficient niche markets
Lending Portfolio
Our bridge loans provide transitional financing to commercial real estate developers with valuable assets. Characteristics include:
- Premier U.S. markets, a defensive approach which tends to offer more liquidity and recovery from recession
- A preference for easier lease-up properties and more proximate cash flow
- Target $3-30 million loans which show visibility to repayment in 9-18 months
- Consideration of pre-development/land, small-scale construction, re-lease, value-add and master plan lending
Opportunity Zone Equity
Utilizing our bridge lending network to secure Opportunity Zone equity investments which have the following characteristics:
- High growth markets
- Investments underwrite on a stand-alone basis
- Enhanced upside through favorable tax characteristics, including deferral of capital gains, reduction in capital gains and tax-free returns on investment on a 10-year hold
- Lending Portfolio
- Opportunity Zone
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Team
Alcova’s management team has relevant real estate, investment banking, asset management and operational experience.
Russell co-founded Alcova Capital in 2016 and is involved in all aspects of its operation as a Managing Partner.
He previously held senior positions at Spectrum Group Management, Gates Capital Management and West Side Advisors.
Along the way he has been a General Partner in venture funds related to medical devices and renewable energy. Russell earned an MBA from Columbia University in 1998 and a BA from Cornell University in Government and Italian Literature in 1991.
He is Treasurer of Children's Aid, the largest children's welfare agency in New York City, with a $150MM budget and $400MM pool of assets. Russell and his wife Mica have two grown children. He co-founded the Sag Harbor Cycle Company and is an avid cyclist, kiteboarder and skier.
Matthew Grodin is a co-founder of Alcova Capital. As a Managing Partner he is involved in all aspects of the business with a focus on its investment activities. He has 20 years of experience in real estate finance and principal investing. Since co-founding Alcova in 2016, he has led over $450 million in debt and equity investments secured by commercial real estate projects in major U.S. markets.
He was a Managing Director at Spectrum Group Management, an asset manager focused on direct lending and distressed credit. He began his career as an investment banker at JPMorgan in the real estate, gaming and lodging group where he advised clients on over $10 billion of debt, equity and M&A transactions.
He graduated with a BS from Cornell University in 2000 and lives in Armonk, NY with his wife and two children. He’s an active angel investor in early-stage technology companies. Representative venture-backed SaaS and Fintech companies include, Pluralsight, Dataminr, AngelList, Bread, Artivest, CompStak, RealtyMogul, Pact Insurance, and Braavo.
Prior to joining Alcova Capital, Tristan was a Finance Manager at Benefit Street Partners, a credit-focused asset manager with over $24 billion in assets. At Benefit Street, Tristan was responsible for overseeing numerous finance, accounting, financial reporting, operations and valuation functions.
Prior to joining Benefit Street Partners, Tristan was a member of the finance team at Fifth Street Asset Management, a credit-focused asset manager. Tristan began his career in public accounting as a Senior Accountant at Markowitz, Fenelon & Bank, LLP.
He earned a BS in Accounting from the State University of New York at New Paltz.
Prior to joining Alcova Capital, Sam was an Investment Associate at Corridor Ventures, a real estate investment company. At Corridor, Sam worked closely with senior management on all investments and new acquisitions and led Corridor's analytics and modeling efforts.
Previously Sam was a member of the Wheel Program at CBRE, a 14-month rotational program in which associates rotate through four different groups in various subsectors of the real estate industry.
Sam graduated with high distinction from the University of Michigan.
Prior to joining Alcova Capital, Brent was a Senior Analyst at Capital One. At Capital One, Brent was a member of the Commercial Real Estate Strategy team, which focused on growth initiatives to boost efficiency and profitability within the Commercial Real Estate Lending platform. Prior to this role, Brent worked as an Analyst on the Commercial Loss Forecasting team at Capital One.
Brent graduated Magna Cum Laude with a double major in Finance and Accounting from the Olin Business School at Washington University in St. Louis.
Contact
ALCOVA CAPITAL MANAGEMENT LP
570 Lexington Avenue, 43rd Floor
New York, NY 10022
GENERAL: investors@alcovacap.com
BORROWERS: borrowers@alcovacap.com