JCR Capital has raised more than the $100 million it targeted for its JCR Commercial Real Estate Finance Fund II LP.

The Denver investment manager, led by Jay Rollins and Maren Steinberg, long-time opportunistic investors, will provide debt, preferred equity and common equity capital through the fund to owners of distressed, opportunistic or value-add properties.

It's a strategy similar to that followed by JCR's initial fund, JCR Capital Distressed & Opportunistic Real Estate Fund I LP, through which it raised $30 million in 2010, in that it will pursue middle-market transactions, that is those between $2 million and $15 million. Roughly half of the capital that was raised already has been invested.

Perth Advisors was placement agent for...