Saluda Grade, an alternative investment firm specializing in asset-based finance with a focus on residential real estate, has announced the acquisition of Hillcrest Finance, a minority- and women-owned investment firm with expertise in commercial real estate (CRE). This acquisition comes about a year after Saluda Grade acquired a passive minority stake in Hillcrest in June 2024.

Launched in December 2013 by Kathleen “Kathy” Corton, Hillcrest has been jointly led by Corton and co-CEO Sharon Ann “Samm” Miller since early 2015. And both executives bring 35+ years of institutional commercial real estate investment experience to the firm. Before founding Hillcrest, Corton spent most of her career at Nomura, where she led CRE debt originations nationwide, and at Brickman, where she led debt investing. Miller started her career in CRE lending at TIAA-CREF in the mortgage and real estate division before specializing in institutional real estate equity at The Connor Group, J.P. Morgan Asset Management, Hart Advisers, Trammell Crow, and Rockwood Capital.

In connection with the deal, Corton, Miller, and Hillcrest’s entire full-time team are joining Saluda Grade, which has increased its assets under management to $2.5 billion as of May 31, 2025.

KEY QUOTES:

“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.”

Ryan Craft, Founder & CEO of Saluda Grade

“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.”

Sharon Ann “Samm” Miller

“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.”

Kathleen “Kathy” Corton