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aluda Grade, a New York-based alternative investment firm specializing in asset-based finance with a focus on residential real estate, has acquired Hillcrest Finance, a minority- and women-owned investment firm known for its expertise in commercial real estate. This strategic expansion follows Saluda Grade's initial passive minority investment in Hillcrest in June 2024.

    The acquisition marks a natural progression of the strong relationship built between the two firms over the past year. Ryan Craft, Founder and CEO of Saluda Grade, emphasized that while residential remains a priority, integrating Hillcrest's CRE platform will broaden investment capabilities. "Our complementary specialized platforms will enhance solutions for clients," said Craft. "We're thrilled to add Hillcrest's team to access attractive opportunities across the U.S. real estate landscape."

    Hillcrest Finance was founded in 2013 by Kathleen "Kathy" Corton and has been co-led by Corton and Sharon Ann Miller since 2015. The two executives bring over 35 years of institutional commercial real estate investment experience. Prior to Hillcrest, Corton led nationwide CRE debt originations at Nomura and managed debt investing at Brickman.

    Miller praised Saluda Grade's client-focused approach and innovative mindset, stating that the transition will allow their team to grow within a dynamic organization while preserving the Hillcrest investment approach. Corton added that this step forward enables them to continue building a synergistic CRE platform at Saluda Grade, leveraging the collaboration between the two teams.

    The acquisition brings Hillcrest's full-time team into Saluda Grade, increasing assets under management to $2.5 billion as of May 31, 2025. This expansion positions Saluda Grade as a stronger player across both residential and commercial real estate sectors nationwide.