Lending Parameters

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Conduit/CMBS Preferred Equity/
Mezzanine Investments
Bridge Loan Structured Equity/JV Equity
Loan Amount $10 to $75 million;
may go higher in select cases
$5 to $150 million $15 to $75 million;
may go higher in select cases
$3 to $20MM
Term 5 to 10-years terms 3 to10-year terms 3-year term with two (2) x 1-year extension options 3-10 years
Loan-to-value (LTV) Up to 75% Up to 85% Up to 70% for stabilized commercial and hotel
Up to 75% for stabilized multifamily
90+%
Debt Yield Tailored to each transaction Tailored to each transaction Tailored to each transaction Tailored to each transaction
Purpose Acquisition, Refinancing Acquisitions, Refinancing, Repositioning, Workouts, Recapitalization Acquisition, Refinancing, Repositioning, Workout, Recapitalization Acquisitions, refinancing, repositioning, workouts, recapitalization on stable and transitional assets
Loan Type Fixed Fixed or SOFR based floating rate loans (current/accrual features where necessary) SOFR-based floating rate loans Equity investment with a fixed preferred rate of return and targeted overall IRR tailored to each transaction
Structure Senior Mortgage Mezzanine, B-Note, Participating Preferred Equity or selective LP Equity Mezzanine, B-Note, Participating Preferred Equity or selective LP Equity Preferred or common equity interest
Pricing Competitive pricing tailored to each transaction Competitive pricing tailored to each transaction Competitive pricing tailored to each transaction Competitive pricing tailored to each transaction
Minimum DSCR 1.30x (can reduce to 1.25x for certain opportunities) 1.10x DSCR (may selectively go lower)
Will consider debt service reserve
1.20x DSCR (may selectively go lower)
Will consider debt service reserve
Based upon operating covenants
Amortization Up to 30 years; Partial and Full-Term IO available depending on LTV and DSCR Negotiable, typically Interest-Only Interest-Only Not applicable
Recourse Non-recourse except for certain standard carve outs Non-recourse except for certain standard carve-outs Non-recourse except for standard carve-outs Standard carve-outs
Fees Generally at Par Negotiable, generally 1% origination and 1% exit fee Negotiable, generally 1% origination and 1% exit fee Negotiable
Prepayment Treasury defeasance after the earlier of (i) two years after a securitization or (ii) three years from the closing date. Open 90 days prior to maturity. Flexible Flexible Flexible
Property Types / Geography Multifamily, Retail, Office, Industrial, Hospitality, Mobile Home Communities, and Self-Storage properties located in primary and secondary markets throughout the US Multifamily*, Retail, Office, Industrial, Hospitality, and Self-Storage properties located in primary and secondary markets throughout the US Multifamily, Retail, Office, Industrial, Hospitality, Mobile Home Parks and Self-Storage properties located in primary and secondary markets throughout the US Multifamily, Retail, Office, Industrial, Self-Storage, and Hospitality properties located in primary and secondary markets throughout the U.S.

*Can provide joint venture preferred equity behind GSE Mortgages