A South Korean investor is setting up shop in the Big Apple as more Korean capital flows into U.S. real estate than ever before.

Mastern Investment Management established New York City-based Mastern America this week to be closer to its U.S. investments as well as existing and potential American partners, The Korea Herald reports.

The $19.1B investment company’s current U.S. portfolio largely consists of investments in real estate funds such as Rockwood Capital Real Estate Partners, valued at $100M, and Ares Enhanced Income Fund, valued at $200M, according to its website. Its direct investments in the U.S. include a St. Regis Resort in Hawaii.

“A good thing about having a local presence is that the barrier goes lower for onsite due diligence, and it is becoming more relevant during the pandemic,” the head of the new arm, Joseph Oh, told The Korea Herald last month when the company made the announcement.

The start of the new branch comes after a record-shattering year for South Korean investment into United States real estate as interest rates fall. Last year, investors from the country piled $5B into U.S. commercial real estate year-over-year, an 88% year-over-year increase, according to Real Capital Analytics. South Korea ranked second behind Canada among foreign sources of investment in the U.S., leaping ahead of Germany.

Foreign investors have had a renewed interest in American real estate investment since President Joe Biden was elected in November.