Trez was founded by real estate lawyer Morley Greene in 1997. Mr. Greene remains executive chair of the company’s board of directors.Supplied
Trez Capital Mortgage Investment Corp., one of Canada’s largest private commercial mortgage providers, is halting redemptions from five of its funds, marking the latest example of an alternative money manager struggling to meet investor liquidity demands.
Vancouver-based Trez said Tuesday it was temporarily blocking investors from selling their holdings in response to a combination of factors. Those factors include “elevated” redemption requests, continuing loan funding obligations and a number of loan agreements in default or arrears that are in the process of being renegotiated, the company said.
The suspension applies to Trez Capital Prime Trust, Trez Capital Yield Trust, Trez Capital Yield Trust U.S. CAD, Trez Capital Yield Trust U.S. USD, and Trez Capital Private Real Estate Fund Trust. All unsettled redemption requests for those funds will be cancelled and will only become eligible again when the suspension is no longer in effect, the company said.
Trez said none of its other funds are affected, though only those five funds are mentioned on its website.
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The company declined to comment on how long investors might have to wait for their money. In an e-mailed response to questions about an expected timeline, it said the move was “a proactive measure designed to safeguard the long-term interests of our investors” and that monthly distributions from all five funds will continue as scheduled.
“We will manage this period with discipline and transparency,” the company said.
Trez also said Tuesday it was evaluating strategic alternatives, which typically refers to the launch of a sale process. The company was founded in 1997 by real estate lawyer Morley Greene, who remains executive chair of the Trez board of directors. As of mid-2025, Trez had more than $5.3-billion in assets under management.
Specializing in short-term commercial mortgages ranging from six to 36 months in duration and from $15-million to $150-million in value, Trez says it has funded more than 1,800 transactions over the years worth a combined $21.5-billion. In addition to its Vancouver headquarters, the company has six other offices across North America.
Most of its investments are in U.S. real estate, though one notable Canadian project involving Trez financing was the Ice District in downtown Edmonton. That $2.5-billion mixed-use development in the Alberta capital included building Rogers Place, which has been the home arena for the Edmonton Oilers hockey team since 2016.
Trez has only suspended redemptions once before, in March, 2020, during the onset of the COVID-19 pandemic. That freeze lasted for more than three months.
Multiple private real estate investors have halted fund redemptions in recent years. In 2024 alone, two money managers that also specialized in private commercial real estate lending – KingSett Capital and Hazelview Investments – halted redemptions on their flagship funds. For Hazelview, it was the second time within a year.
In late 2022, Romspen, one of Canada’s largest private mortgage lenders, halted all investor redemptions, and as of the company’s most recent public statement, that freeze remains in effect. In the years since, Romspen has cut its monthly distribution multiple times, meaning its investors now earn much lower-yielding payouts while their money remains trapped.