NEW YORK— Saluda Grade, a New York-based alternative investment firm specializing in asset-based finance with a focus on residential real estate, announced the acquisition of Hillcrest Finance (“Hillcrest”), a minority- and women-owned investment firm known for its expertise in commercial real estate (CRE).
This acquisition marks a strategic expansion for Saluda Grade, following its initial passive minority investment in Hillcrest in June 2024.
Ryan Craft, Founder and CEO of Saluda Grade, described the acquisition as “a natural progression of the strong relationship we’ve built with Hillcrest over the past year.” He emphasized that while Saluda Grade will continue to prioritize the residential sector, the integration of Hillcrest’s CRE platform will broaden its investment capabilities. “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,” said Craft.
Hillcrest Finance was founded in December 2013 by Kathleen “Kathy” Corton and has been co-led by Corton and Sharon Ann “Samm” Miller since early 2015. Together, 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’s background includes roles in CRE lending at TIAA-CREF and equity investment at firms such as The Connor Group, J.P. Morgan Asset Management, and Rockwood Capital.
Miller praised Saluda Grade’s client-focused approach and innovative mindset, stating, “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.”
Corton added, “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 acquisition brings Hillcrest’s full-time team into Saluda Grade, increasing the combined firm’s 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.
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