Saluda Grade, renowned for its focus on asset-based finance within the residential real estate sector, has strategically enhanced its portfolio by acquiring Hillcrest Finance. This minority- and women-owned investment firm is recognized for its commercial real estate (CRE) expertise. The acquisition signifies a pivotal step for Saluda Grade, occurring just a year after it initially acquired a passive minority stake in Hillcrest in June 2024.
Founded in December 2013 by Kathleen “Kathy” Corton, Hillcrest Finance has been a formidable force in the CRE domain. Since early 2015, the firm has been co-led by Corton and Sharon Ann “Samm” Miller, both of whom bring over 35 years of experience in institutional commercial real estate investment to the table. Corton, prior to establishing Hillcrest, held significant roles at Nomura and Brickman, focusing on CRE debt origination and debt investing, respectively. Meanwhile, Miller’s career in CRE began at TIAA-CREF, followed by substantial roles at The Connor Group, J.P. Morgan Asset Management, Hart Advisers, Trammell Crow, and Rockwood Capital, where she specialized in institutional real estate equity.
The transition sees Corton, Miller, and the entire Hillcrest team integrating into Saluda Grade, which has now elevated its assets under management to $2.5 billion as of May 31, 2025. This expansion is seen as a natural progression of the robust relationship cultivated between the two firms over the past year.
Key Insights from Industry Leaders:
Ryan Craft, the Founder & CEO of Saluda Grade, articulated the strategic vision behind this acquisition, stating, “This is a natural progression of the strong relationship we’ve built with Hillcrest over the past year. While our focus on the residential sector will remain, we see a compelling opportunity in CRE finance and our complementary specialized platforms will enhance the solutions we can offer our clients. We are thrilled to add Hillcrest’s team to expand our ability to access attractive opportunities within asset classes across the entire U.S. real estate landscape.”
Sharon Ann “Samm” Miller, co-CEO of Hillcrest, expressed enthusiasm about the transition, noting, “Saluda Grade has demonstrated a clear commitment to client service and innovative solutions – two principles we truly value. This transition will allow our team to grow and develop within a dynamic organization, while preserving the Hillcrest investment approach that our investors have come to rely on.”
The acquisition is poised to leverage the synergy between Saluda Grade’s residential focus and Hillcrest’s CRE expertise, creating a more comprehensive real estate platform. Miller emphasized the collaborative potential, “This is an exciting step forward, as we can continue building and scaling a synergistic CRE platform at Saluda Grade. Over the past year, we’ve seen firsthand how well our teams complement each other, and we’re thrilled to carry that collaboration forward into this next chapter on behalf of our lending partners and borrowers.”
The Path Forward:
The integration of Hillcrest into Saluda Grade is expected to enhance the latter’s ability to access and offer innovative solutions across various asset classes. This move not only broadens Saluda Grade’s footprint in the real estate sector but also reinforces its commitment to providing diverse investment opportunities to its clients.
As the real estate market continues to evolve, the combined strengths of Saluda Grade and Hillcrest are anticipated to create new avenues for growth and investment, positioning both entities at the forefront of the industry.
For those interested in following the developments of Saluda Grade and its strategic initiatives, further updates and insights are available at fintechfilter.com.
Note: This article is inspired by content from https://pulse2.com/saluda-grade-buying-hillcrest-finance-for-expanding-real-estate-platform/. It has been rephrased for originality. Images are credited to the original source.