For Sponsors

	Mezzanine/B-note	Preferred Equity
Property Types:	Only existing multifamily, office, industrial/flex, retail, hospitality; NO GROUND-UP DEVELOPMENT.
Investment Amount:	$3 million to $10 million
Markets:	Nationwide with a preference for top 100 MSAs
TARGET LTV/LTC:	65% to 75%	70% to 80%
Pricing:	Fixed or floating. ~12+%	Overall target return of 13% to 15+% with flexible pay and accrue structures available
Minimum DSCR:	1.15x combined DSCR	1.00x to 1.10x; may include reserves
Term:	2 to 10 years	3 to 7 years
Amortization:	Interest-Only
Fees:	Fixed: none Floating: market fee structure	Negotiable; generally 1% in / 1% out
Prepayment:	Yield maintenance/minimum profit multiple determined case-by-case
Recourse:	Non-recourse subject to market-standard carve-outs
Collateral:	Equity pledge and intercreditor agreement/co-lender agreement	None

	Mezzanine/B-note
Property Types:	Only existing multifamily, office, industrial/flex, retail, hospitality; NO GROUND-UP DEVELOPMENT.
Investment Amount:	$3 million to $10 million
Markets:	Nationwide with a preference for top 100 MSAs
TARGET LTV/LTC:	65% to 75%
Pricing:	Fixed or floating. ~12+%
Minimum DSCR:	1.15x combined DSCR
Term:	2 to 10 years
Amortization:	Interest-Only
Fees:	Fixed: none Floating: market fee structure
Prepayment:	Yield maintenance/minimum profit multiple determined case-by-case
Recourse:	Non-recourse subject to market-standard carve-outs
Collateral:	Equity pledge and intercreditor agreement/co-lender agreement

	Preferred Equity
Property Types:	Only existing multifamily, office, industrial/flex, retail, hospitality; NO GROUND-UP DEVELOPMENT.
Investment Amount:	$3 million to $10 million
Markets:	Nationwide with a preference for top 100 MSAs
TARGET LTV/LTC:	70% to 80%
Pricing:	Overall target return of 13% to 15+% with flexible pay and accrue structures available
Minimum DSCR:	1.00x to 1.10x; may include reserves
Term:	3 to 7 years
Amortization:	Interest-Only
Fees:	Negotiable; generally 1% in / 1% out
Prepayment:	Yield maintenance/minimum profit multiple determined case-by-case
Recourse:	Non-recourse subject to market-standard carve-outs
Collateral:	None

Not all investments will meet each of the criteria described above. We will consider opportunities outside of the parameters on a case-by-case basis.

PROPERTY/LOAN ACQUISITION

Minimize the amount of equity required at the acquisition of an existing project or loan in order to enhance overall leveraged returns.

EQUITY GAP AT REFINANCING

Bridge the gap between an expiring loan and new lower loan-to-value.

TRAPPED EQUITY

Appreciation and/or amortization have lowered the LTV of an existing loan. Sponsor desires to monetize a portion of the “trapped” equity; however, the existing loan contains an onerous prepayment obligation which complicate refinancing options.

FUNDING RESERVES

Complete capital improvements and leasing programs in order to stabilize project cash flow and enhance value.

PARTNERSHIP INTEREST ACQUISITION

Conflicting hold periods or investor motivations necessitate recapitalizing some portion of the ownership.