ReCap Products

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As a start-up within a life reinsurer, ReCap combines an entrepreneurial spirit with an emphasis on ethics and service.   

We offer higher quality asset selection and proactive surveillance and problem resolution – all backed by the financial strength of a leading global life and health reinsurer. We listen to our clients’ needs; we deliver strategic real estate investment solutions; and we find opportunities that others overlook. ReCap brings decades of lending experience:

  • In all commercial property types and multiple geographic markets
  • Through multiple real estate cycles
  • In successful third-party origination and asset management roles

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Portfolio Composition

Our Products

ReCap invests in four major property types: office, retail, industrial and multifamily. Within these four sectors, we pursue certain characteristics:

  • Office: Recap emphasizes Class A suburban and downtown properties, as well as medical offices co-located on hospital campuses or near major hospitals.
  • Retail: ReCap is focused on grocery-anchored, shadow-anchored, and investment-grade single-tenant retail properties.
  • Industrial: ReCap is focused on warehouse, distribution, and ‘flex’ properties.
  • Multifamily: ReCap is focused on Class A improvements. We consider limited service, flagged hotel properties on a case-by-case basis, as well as self-storage properties.   

Principal by Property Sector 


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Real Estate Equity

Our Target Markets

ReCap originates all loans through eight regional offices throughout the U.S. and Canada. Each office has a defined lending territory, and each is staffed by a Regional Vice President and Real Estate Analyst employed by ReCap and committed to delivering value to our clients. All commercial mortgage loans are sourced through brokers or mortgage bankers or arranged directly with select borrowers.

  • USD assets: $10.3 billion
  • CAD assets: $1 billion
  • GBP assets: $160 million

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Asset Characteristics

As of June 2026 (Dollars  in Millions)
Property/SectorPrincipalPercentage
Office $1,73215% 
Retail $3,44731% 
Industrial $3,84634% 
Apartment $1,67315% 
Hotel$5195%
Other $290% 
Grand Total $11,246
100% 

All data comes from publicly available 10-Q SEC filings.


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ReCap Highlights

$10.3B

U.S. dollar
assets

$1B

Canadian dollar
assets

$160M

British pounds
assets

Lending Focus

> 30 yrs

Amortization

Fixed or floating

Rate type

> 70% LTV

Leverage

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APPROACH

Commercial Mortgage Loans

The ReCap team has cultivated long-term lending relationships with borrowers, developers, and brokers in regional markets and submarkets. We can offer ready access to most major lending markets, success in repeat borrower business, and opportunities with incrementally wider risk-adjusted spreads. Our commercial mortgage lending approach has led to significant growth over the long term.

Our valuation expertise includes:

  • MAI appraisal analysis (USPAP-compliant appraisers)
  • Annual re-value of market analysis
  • Impaired loan collateral valuation

     

Commercial Mortgage Loan Growth

As of  June 30, 2026 (In Thousands). All data comes from publicly available 10-Q SEC filings.

Explore our Financial Strength

Ranked 193 on the Fortune 500, RGA has the financial strength and stability to respond rapidly and effectively in a dynamic environment. Learn more about RGA's financial security.