Bank of America subsidiary TriSail Capital Corp. and partner MMA Realty Capital Inc. have launched a $100 million participating debt fund to invest in distressed properties and other entrepreneurial real estate projects.

The fund will target investments that require approximately $3 million to $25 million of capital, primarily in office, industrial, multi-family, single-family, hotels, retail properties and developable land. Investments will include existing property and new construction.

TriSail/MMA GP LLC will serve as the manager of the fund, called TriSail/MMA Realty Capital Partners I L.P. Fund. The new partnership represents the second participating debt fund and the third fund overall in the TriSail portfolio.

“TriSail Capital Corp.’s strategy of sourcing investment opportunities from Bank of America’s client base has been extremely beneficial to our investors,” says Jay C. Hart, managing director of TriSail Capital.

TriSail is a wholly owned subsidiary of Bank of America Corp. and is a real estate principal investment and fund management organization. TriSail pursues high risk-adjusted returns by placing capital through various subordinated debt structures, such as mezzanine loans, with a focus on major U.S. markets and primary property types.

MMA Realty Capital is an operating subsidiary of MuniMae and an institutional investor.