Preferred Equity/ Mezzanine Investments

Loan Amount $2 – $50 million
Term 2–10 years depending on transaction specifics
Loan-to-value (LTV) Up to 85% (selectively up to 90% for enhanced Preferred/LP Equity)
Debt Yield Tailored to each transaction
Purpose Acquisitions, refinancing, repositioning, workouts, recapitalization
Loan Type Fixed or LIBOR-based floating rate loans (current/accrual features where necessary)
Structure Mezzanine, B note, Preferred Equity or selectively LP Equity
Pricing Competitive pricing tailored to each transaction
Minimum DSCR 1.10x DSCR (may selectively go lower)
Will consider debt service reserve
Amortization Negotiable, typically interest only
Recourse Typically non-recourse except for certain standard carve-outs
Fees Negotiable, generally 1% origination and 1% exit fee
Prepayment Flexible
Property Types / Geography Multifamily, Retail, Office, Industrial, Hospitality and Self-Storage properties located in primary and secondary markets throughout the U.S.