CAPITAL STRUCTURE: PERMANENT LOAN

Investment management firm offering non-recourse debt financing for a wide variety of asset types

Check Size: $5-40MM
LTV: Up to 70%
Rate: US Treasury plus 250-300 bps
Term: 3-25 years
Recourse: Non-recourse with standard carve-outs
Amortization: Up to 30 years
Property Types: Office, industrial, retail, multifamily, student housing, self-storage
Geography: Primary & secondary markets in the U.S. and Canada
DSCR sizing: 1.20-1.30 (multifamily), 1.20 (industrial), 1.40-1.45 (office, retail, medical)
Rate Lock: 90 days

CAPITAL STRUCTURE: BRIDGE LOAN

Real estate investment firm targets opportunistic investments through bridge loans

Check Size: $1-25MM
LTV / LTC: up to 65% (property), 50% (land)
Rate: 11%+
Term: 1-3 years
Recourse: Recourse and non-recourse available
Amortization: Interest only
Property Type: Student housing, hospitality, SFR, BFR, condos, retail, mixed-use, industrial, office, affordable housing, multifamily
Use: Predevelopment, value-add, acquisition
Geography: Nationwide

CAPITAL STRUCTURE: CONSTRUCTION LOAN

National non-bank lender providing construction loans for SFR/BTR, multifamily, and mixed-use properties

Check Size: $10-25MM average with capacity up to $50MM
LTC: Up to 80%
Rate: SOFR plus 750 bps
Fees: 1-2% annualized
Term: Up to 3 years (24-36 months)
Recourse: Recourse and non-recourse available
Property Types: SFR, Multifamily, Mixed-use
Geography: Nationwide

CAPITAL STRUCTURE: JV EQUITY

Investment fund providing GP Equity and balance sheet support (will sign for completion, carry and carveouts)

Property Types: multifamily (main focus), BTR, office, industrial, self-storage & hotel
Use: Value-add, construction, distressed and opportunistic transactions
Check Size: $2-10MM average with capacity up to $40MM
Target returns: 15%+ IRR
Hold Period: up to 10 years
Sponsor Co-Invest: 80/20 or 90/10
Geography: Pacific Northwest, West coast, Northeast, Southwest, Mid Atlantic
Participation: 50/50 split on promote and share in fees

CAPITAL STRUCTURE: PREFERRED EQUITY/MEZZANINE DEBT

Investment management firm providing preferred equity and mezzanine debt with a focus on ground-up development

Property Type: All (including senior housing) with main focus on multifamily and industrial
Check Size: $5-20MM
Target Returns: 10-15%
Hold Period: Up to 5 years
Leverage: Up to 80% LTC
Structure: Floating/Fixed
Use: Development and value add opportunities
Geography: Nationwide

CAPITAL STRUCTURE: JV EQUITY

Investment manager targets small to mid‐sized opportunistic joint venture equity investments throughout the US

Property Type: Focus on multifamily, office, warehouse, industrial and retail, select hotel
Use: Value add acquisition or recapitalizations
Check Size:$5-50MM
Target Returns: Mid teens
Hold Period: 3-15 years
Geography: Primary and top secondary markets

CAPITAL STRUCTURE: JV EQUITY

Investment manager targets small to mid‐sized opportunistic joint venture equity investments throughout the US

Check Size: $5-15MM

Co-invest requirement: 90%/10% Sponsor (Open to other structures)

Hold Period: 2 to 7 years

Targeted returns: 15%+ IRR

Property Types:  Multifamily, industrial, office, retail

Use: value-add opportunities, undervalued deals or opportunistic investments

Geography: Select Primary and Secondary U.S.Markets and Puerto Rico

CAPITAL STRUCTURE: BRIDGE LOAN
Vertically integrated investment management firm with discretionary capital focuses on higher yielding credit strategies
Check size: $5-30MM
Term: 2-5years
Leverage: Up to 75% LTV / 85% LTC
Structure: Floating
Rate: Minimum rate of 7%
Amortization: Interest only
Fees: 1% origination/ 1.0% exit
DSCR: Less than 1x permitted if supported by an interest reserve
Recourse: Non-recourse, subject to industry standard “bad boy” carve outs
Property Types: Multifamily, Industrial, Retail, Office, Self-Storage, Hospitality, Net Lease & Niche / Specialty
Geography: Nationwide in primary, secondary, and qualifying tertiary markets

CAPITAL STRUCTURE: PERMANENT LOAN
Vertically integrated direct permanent CRE lender offering early rate lock, flexibility, and competitive rates
Check size: $5-$50MM
Term: 7-25 years
LTV: Up to 70%
Structure: Fixed
Rate: Competitive pricing with life companies and commercial mortgage-backed securities (CMBS)
Amortization: Up to 30 years
Fees: 0.5% origination/ 1.0% exit
Target Returns (DSCR): Minimum 1.30x on underwritten net cash flow, 1.25x on multi-family.
Recourse: Non-recourse, subject to industry standard “bad boy” carve outs
Property Types: Office, Retail, Industrial, Multifamily, Self-storage, Student housing, Mixed-use, and single tenant with lease considered when guaranteed by investment grade credit
Geography: Nationwide in primary, secondary, and qualifying tertiary markets

CAPITAL STRUCTURE: JV EQUITY
Fund manager offering flexibility and ability to move quickly with extensive expertise structuring complex transactions
Check Size: $7-35MM
Co-invest requirement: 90%-10% Sponsor (Open to other structures)
Hold Period: 2 to 10 years
Targeted returns: 15%+ IRR, 8% average cash on cash
Debt Target: 65% LTC
Property Types: Multifamily, Industrial, Office, Retail
Use: Value-add opportunities, Undervalued deals or opportunistic investments
Geography: AL, AZ, CO, GA, IL, IN, IA, KS, KY, MI, MN, MO, NE, NV, NM, NC, OH, SC, TN, UT

CAPITAL STRUCTURE: PERMANENT LOAN/BRIDGE LOAN/CONSTRUCTION LOAN/MEZZANINE DEBT/SENIOR DEBT
Investment management firm offering non-recourse interest-only debt financing
Check Size Senior Loan: $50-350MM
Check Size Mezzanine Loan: $20-150MM
LTV Senior Loan: 60-70%
Amortization: No amortization typically required
Future Fundings: Future fundings acceptable
Rate Senior Loans: LIBOR plus 250 bps paid current
Rate Mezzanine Loans: LIBOR plus 675 bps paid current
Origination Fee: 0.75-1%
Prepayment: Typically pre-payable without penalty after 12-24 month
Term: 2 to 7 years; typically 3-year initial term with two 1-year extension options
Recourse: Non-recourse subject to standard non-recourse carve-out guarantees
Property Types: Multifamily, industrial, office, life science, student housing, cold storage, data centers, self-storage, single family rental
Geography: Primarily focused in top 20 MSAs

CAPITAL STRUCTURE: BRIDGE LOAN
Balance sheet lender providing small to medium bridge loans financings for a wide variety of assets
Check Size: $3-30MM
LTV: Up to 80%
Rate: Starting at 7.0%
Fees: Case-by-case basis
Term: Up to 3 years
DSCR requirements: No in-place DSCR requirements, market DSCR minimums required at stabilization
Prepayment Penalty: Minimum interest periods based on term length
Use: Highly structured transactions, discounted note payoffs, property acquisitions, note acquisitions, bankruptcy resolutions, recapitalizations, capital restructuring, lease-up stabilization, partner buyout, rehabilitation/redevelopment/repositioning, other uses depending on borrower’s specific needs
Property Types: Condos, multifamily, retail, mixed-use, manufactured housing, office, senior housing, self-storage, hospitality, industrial/flex
Geography: Nationwide

CAPITAL STRUCTURE: BRIDGE LOAN/ CONSTRUCTION LOAN
Private debt fund offering high leverage senior debt nationwide
Check Size: $5-200MM
LTC/LTV: Up to 75%
Amortization: Interest only
Rate: High single digits
Fees: 1.00%
Term: Up to 60 months
Prepayment Penalty: None
Recourse: Recourse and non-recourse available
Property Types: Multifamily, Industrial, Office, Retail, Residential and Mixed-Use
Geography: Nationwide

CAPITAL STRUCTURE: JV EQUITY/PREFERRED EQUITY
Fully integrated real estate investment management company providing JV equity and preferred equity in major west coast and northeast MSAs
Check Size JV Equity: $5-$10MM
Check Size Preferred Equity: $10-$50MM
Capital Investment JV Equity: Up to 90% of required equity
Capital Investment Preferred Equity: Up to 85% of total cost
Preferred Return JV Equity: 8-10%
Preferred Return Preferred Equity: 9-12%
Profit Participation JV Equity: Promote waterfall with multi-tier structure subject to return hurdles
Funding Preferred Equity: Pari passu funding with construction lender available
Return Parameters: Mid to high teen IRR
Use: Development and value add
Property Types: Apartments
Geography: Major west coast MSAs (Seattle south to San Diego, and Denver) as well as major northeast MSAs (New York City and surrounding areas, Washington DC and surrounding areas, Boston)

CAPITAL STRUCTURE: CONSTRUCTION LOAN
Private lender launches a new program offering construction debt financing for ground up multifamily.
Check Size: $10-50MM
LTC: Up to 80%
LTV: Up to 70%
Pricing: 6.5-8.0%, market specific
Fees: 1-2% origination fee
Term: 24-36 months
Recourse: Non-recourse
Property Types: Multifamily
Use: Construction
Geography: Top MSA’s

CAPITAL STRUCTURE: JV EQUITY
Real estate investment firm offering joint venture equity for retail properties in Sunbelt States
Check Size: $5-30MM
Structure: Negotiated lookback or percentage of common equity participation.
Other terms: Mandatory redemption negotiable
Target returns: 1.5x of minimum multiple. 8-9% accrual with mid-teens total return.
Use: Value-add
Property Type: Retail
Geography: Sunbelt States (FL, GA, SC, NC, TN, AL, MS. LA, AR, MO, KS, OK, TX, NM, CO, UT, AZ) 

CAPITAL STRUCTURE: CONSTRUCTION LOAN/ PERMANENT LOAN/ BRIDGE LOAN
Community bank offering flexible debt financing for all asset types.
Check Size: $5-100MM+
LTC: Up to 80% LTV Up to 80%
Amortization: Interest only (Up to 30 years)
Target: Minimum DSC 1.20x
Recourse: Flexible. Non-recourse available on select property types based on loan metrics
Property Types: All property types with a focus on multifamily, industrial, retail, office, and medical office
Use: Construction, acquisition and reposition
Geography: CA, OR, WA, AZ, NV, ID

CAPITAL STRUCTURE: JV EQUITY
Private equity firm providing joint venture equity for development and value-add investments in the majority of coastal states.
Check Size: $5-12MM per transaction
LTV: 40-60% Term: 3 to 25+ years
Target: Minimum 8% current cash yield and 18% IRR (5-year hold)
Debt Structure: Prefer non-recourse wit standard carve-outs
Use: Development and Value-add
Property Types: Hospitality, retail, multi-family, office, industrial
Geography: WA, OR, CA, AZ, TX, MS, AL, GA, TV, FL, SC, NC, VA, MA, DE, PA, NJ, NY

CAPITAL STRUCTURE: BRIDGE LOAN
Private lender offering fixed-rate bridge loans for special situations, quick-closings, or heavy-lift Capex projects.
Check Size: $2MM-15MM
LTV for multifamily: Up to 80%
LTV for other sectors: Up to 75%
Rate for multifamily: 5-7%
Rate for other sectors: 7-9%
Term: 6 to 24 months
Amortization: Interest only
Recourse: Transaction dependent
Lien position: 1st TDs and mortgages only
Property Types: All property types
Use: Value-add, acquisition and recapitalization
Geography: Nationwide

CAPITAL STRUCTURE: PREFERRED EQUITY
Balance sheet lender offering non-recourse preferred equity for multifamily core-plus and value-add investments nationwide.
Check Size: Minimum $15MM
Max Senior Loan for core-plus: <70% of all in costs
Max Senior Loan for value-add: <75% of all in costs
LTC for core-plus: 60-85% of total project costs
LTC for value-add: 70-90% of total project costs
Rate for core-plus: Fixed (starting at 8.5%); partial accrual
Rate for value-add: Fixed (starting at 10%); partial accrual
Term: Up to 5 years
Waterfall scenario: 7% to preferred equity, 7% to common equity, pro-rata thereafter
Recourse: Non-recourse with standard bad-boy carve-outs
Use: Core-plus and value-add investments
Property Types: Multifamily
Geography: Nationwide

CAPITAL STRUCTURE: CONSTRUCTION LOAN
Private lender offering non-recourse hotel and multifamily construction debt financing.
Check Size: $20-100MM+
LTV for Hotels: Up to 75%
LTV for Multifamily: Up to 80%
Pricing: Libor based floating rate typically between L + 7.25% and L + 8.50%
Fees: 2% origination fee, 1% exit fee
Term: 36 months primary term (with up to 12-month extension)
Recourse: Non-recourse with standard carve out guarantee and completion guaranty
Property Types: Hotel and Multifamily
Use: Construction
Geography: Nationwide

CAPITAL STRUCTURE: JV EQUITY
Private equity firm providing joint venture equity to net lease real estate developers.
Deal Size: $1-$50MM 
Check Size: $500,000-6MM 
Target: 50%+ pre-leased properties
Use: Development, blend-extend, and major value add.
Property Types: Healthcare, medical office, retail single tenant.
Geography: Nationwide

CAPITAL STRUCTURE: BRIDGE LOAN / CONSTRUCTION LOAN
Investment firm offering commercial and residential bridge and construction loans nationwide
Check Size: $10-200MM
Leverage: LTC/LTV Up to 80%
Rate: Starting at 7%
Term: Up to 60 months
Fees: Subject to asset and leverage
Property Types: Commercial and residential
Use: Acquisition, reposition, construction, time-sensitive closings, storied loans, discounted note payoffs, light value-add, non-stabilized properties

CAPITAL STRUCTURE: JV EQUITY
Fund manager providing equity focusing on value-add investment opportunities
Check Size: $10-30MM
Leverage: LTV 50-60%
Target Leverage: Unleveraged IRR: 7% to 10%. Leveraged IRR: 10% to 15%
Use: Ground-up to Rehab/Renovate to Lease Roll-over/Roll-up
Term: Deal based Asset Sector: Office, industrial, retail, multifamily, and data centers (Prioritization: Industrial and multifamily)
Geography: Top 20 MSAs with an emphasis for non-gateway markets

CAPITAL STRUCTURE: PREFERRED EQUITY
Fund manager offering preferred equity targeting multifamily properties in Sunbelt states
Check Size: $3-20MM
Term: Up to 5 years
Target: 6%+ Debt Yield Stabilized, DSCR structured to 1.0x with int. reserves for transitional assets
Pricing: Fixed, 10-13%
Fees: 2% at close, 0% at exit
Prepayment: Case by case basis
Use: Transitional, value-add, and event driven multifamily properties
Asset Sector: Multifamily market rate apartments, student housing, residential condominiums
Geography: Sunbelt Markets (NV, AZ, NM, UT, CO, TX, TN, KY, GA, FL, SC, NC, VA, Mid-Atlantic)

CAPITAL STRUCTURE: LAND LOAN/BRIDGE LOAN/CONSTRUCTION LOAN
Balance sheet lender offering quick close, full discretion and non-recourse debt financing
Check Size: $8MM-40MM
LTV: Up to 75% stabilized value
LTC: No loan to cost restriction
Pricing: Minimum 5%
Coupon Fees: 1% to 2% origination fee
Term: 1 to 3 years with extension options
Recourse: Non-recourse
Property Types: Multifamily, retail, office, mixed-use, industrial, healthcare/life science, self-storage, for-sale condos, SFR communities, land and horizontal development.
Use: Acquisition, recapitalization, and construction
Geography: CA, OR, WA, AZ, NV, UT, CO, TX

CAPITAL STRUCTURE: PREFERRED EQUITY/MEZZANINE DEBT
Boutique capital solutions provider offering financing for complex commercial real estate transactions with a focus on Sunbelt states, West coast and Northeast markets.
Check Size: $2-15MM
Term: Up to 5 years
LTV: Max 90% with typical attachment points at 65% to 70% LTV
Pricing: 8-14% yields
Use: Transitional properties with material value creation
Asset Sector: Multifamily, office, retail, and self-storage
Geography: Sunbelt states, West coast, and Northeast markets.

CAPITAL STRUCTURE: BRIDGE LOAN
Insurance company launches new debt initiative focusing on transitional hotels
Check Size: $10MM-80MM
LTV: Up to 75%
Rate: Starting at 5%
Fees: 1% origination fee
Term: 3+1+1
Recourse: No repayment guarantee. Standard bad act carvouts
Misc: U/W using stabilized cash flow pre-Covid with a focus on 2019 performance
Property Types: Hospitality
Use: Acquisition (preferred) and recapitalization
Geography: Nationwide

CAPITAL STRUCTURE: JV EQUITY / PREFERRED EQUITY / MEZZANINE DEBT
Investment management firm providing structured capital targeting consumer-oriented needs-based assets classes
Target Equity: $5-50MM
Leverage: Deal Based
Target: Opportunistic IRR +15% over 3-year to 5-year hold period
Use: Development, conversion and existing assets
Other target investment types: Direct Acquisitions, recapitalization and non-performing or sub-perfroming loans
Asset Sector: MF, SF, Student Housing, Self-Storage, Flex Storage, Light Industrial, Parking
Geography: National footprint with a focus on the Southeast, Texas and Florida.

CAPITAL STRUCTURE: PERMANENT LOAN
Permanent loans on all major commercial real estate property types throughout the United States.
Check size: $10MM-$60MM
Term: 5-30 years
LTV : <65% of appraised value
Structure: Fixed Rate
Origination Fee: Par + Processing fee
Pricing: Competitive spreads over US Treasuries
Other features: Rate lock upon receipt of appropriate deposits
Recourse: Non-recourse loans except for standard carve outs
Preferred Property Types: Office, Multifamily, Industrial, Retail, Self Storage, Student Housing
Geography: Nationwide

CAPITAL STRUCTURE: JV EQUITY
Fund manager seeking value-add opportunities as well as undervalued deals or opportunistic investments.
Deal Size: $5-$75MM
Check Size: $2MM-$25MM
Sponsor Equity: 10-50%
Hold Period: 2 to 10 years
Targeted returns: 16%+ IRR, 8.5% avg, cash on cash
Debt Target: 65%
Property Types: Multifamily, Industrial, Retail, Office
Use: value-add opportunities, undervalued deals or opportunistic investments
Geography: FL, AL, GA, SC, NC, TN, KY, IL, IN, OH, MI, PA, WI, MN, IA, MO, KS, CO, AZ, NM, TX.

CAPITAL STRUCTURE: BRIDGE LOAN
Nationwide lender offering quick closing bridge loans for purchase, refinance, repositioning and value-add
Check Size: $5MM-30MM
Term: Up to 3 years
LTV/LTC: 70%+ LTV (Higher in certain cases)
Pricing (“Interest”): 7% Fixed Rate (Lower in certain cases)
Recourse: Recourse & non-recourse options available
Property Types: All Commercial Property Types
Use: purchase, refinance, repositioning and value-add
Geography: Nationwide

CAPITAL STRUCTURE: JV EQUITY/PREFERRED EQUITY / MEZZANINE DEBT
Investment management firm providing structured capital focused on primary and select secondary transitional real estate across the US
Total Capitalization: $15-$60MM
Target Equity: $5MM-25MM
Leverage: Up to 65%; 70% on Multifamily
Hold Period: 2 to 5 years
Typical Structures: Pari Passu or structured
Levered IRR: >16%
Use: Shovel ready and ground-up development projects
Asset Sector: All asset sectors
Geography: Primary and select secondary U.S.

CAPITAL STRUCTURE: PERMANENT LOAN
Investment advisor offering in house asset management, interest-only, non-recourse flexible loan structures
Check size: $10MM-$50MM
Term: 5-10 years+ LTV / LTC: Target <55%
Pricing (“Interest”): Market Spread over UST;
30/360 Structure: Fixed Rate Origination
Fee: Par + Processing fee
Amortization: Max 30 years (IO Available sub-60%)
Target Returns (DSCR/DY): Minimum 1.25x (target 1.5x+) / Min. 9%
Recourse: Non-recourse Preferred
Property Types: Industrial (Bulk warehouse & flex), Multifamily (Class A/B+, select garden style), Medical office, and stabilized assets.
Selectively Property Types: Office (CBD Class A/B+, select suburban, transit-oriented), grocery-anchored credit retail.
Geography: Top 20 Metro Markets, Select Secondary Markets

CAPITAL STRUCTURE: GROUND LEASE
Eyzenberg LFC creates and acquires 99-year, unsubordinated ground lease options in tandem with its institutional partners.
Property & Transaction Types: Acquisition, recapitalization & development of all income-producing asset classes
Transaction Size: $10MM – $150MM+
Pricing: 3.75% – 5% acquisition cap rate dependent on the asset class, location, percentage of the total value, coverage, development, etc…
Purchase Price: Approximately 20% – 35%+ of the total property (fee simple) value
Ground Rent Coverage: 3x – 5x of stabilized NOI (depending on asset class and deal specifics)
Rent Escalation: Flexible options include fixed steps, CPI adjusters (with or without caps and lookback resets), percentage rent or flat/ramp up options
Buy-back Options: Deals can be structured with options priced in
Leasehold Financing: Ground leases are structured to accommodate current balance sheet and securitization requirements enabling leaseholds to be easily financed

CAPITAL STRUCTURE: JV or GP Equity
JV Equity and GP Equity for commercial real estate in need of redevelopment or repositioning, and non-performing loans backed by commercial real estate.
Check Size: $3MM-15MM
LTV/LTC: 75% LTV maximum at investment level
Origination Fee: 1-2%
Recourse: Recourse & non-recourse options
Target returns: 15-20%+ / 1.5 to 2.0x
Property Types: Suburban office, retail, hotels, multifamily
Use: Diversified (all asset types)
Geography: All regions

CAPITAL STRUCTURE: CONSTRUCTION LOAN
Private commercial real estate lender offering non-recourse, interest-only financial solutions nationwide
Check Size: $10-$75MM
Term Construction Loan: Up to 3 years
LTC /LTV: Up to 85%
Type: Floating rate over LIBOR index
Pricing (“Interest”) Construction: Starting at L + 6.75%
Amortization: Determined on a case by case basis
Target returns: Min. 1.0x, inclusive of interest reserve
Property Types: Multifamily, Student Housing, Senior Independent Housing, Condominium, Office, Industrial, Retail, Hotel, Self-Storage
Geography: Top US markets

CAPITAL STRUCTURE: SENIOR LOANS/ PREFERRED EQUITY/MEZZANINE DEBT
Investment management firm providing structured capital targeting the top 30 markets across the U.S.
Check Size Senior loan: $20-$150MM
Check size Mezz/Pref: $15MM-150MM
LTC Senior loan: Up to 80%
LTC Mezz/Pref: Up to 85%
Maximum Leverage: 80% LTV on Existing; 80% LTC on Construction
Rate Senior loan: 9%-10%
Rate Mezz/Pref: 10%- 15%
Type: Fixed or Floating
Use: Shovel ready and ground-up development projects
Property Types: All property types
Geography: Top 30 markets across the U.S.

CAPITAL STRUCTURE: JV EQUITY
Fund manager providing flexible capital solutions for developers and operators nationwide
Check Size: $5MM-$25MM+
Term: Up to 5 years
Pricing: 16-20%
Property Types: All Asset classes excluding assisted living
Risk: Value add to opportunistic (including: repositioning, lease-up, entitlement and development)
Use: Pari passu capital for acquisitions and developments
Geography: Texas and Western US

CAPITAL STRUCTURE: PARTICIPATING LOAN
Asset Management firm is rolling out a new program originating 1st mortgage financings focusing on core-plus, value-ad, opportunistic and special situations
Check size: $10MM-$50MM
LTV / LTC: <85% Stabilized Value, 80-100% LTC
Rate: 4% fixed rate coupon
Participation: 20-50% of net cash flow and percentage of appreciation
Term: 24-month Initial Term (with extension options)
Fees: 1.00% Origination Fee
Recourse: For construction, loans will have completion and repayment guarantees that burn off upon stabilization
DSCR Sizing: Min. 1.2x Stabilized DSCR (assuming 25-year amortization) or 1.0x DSCR for existing/cash flowing assets
Property Type: Pre-leased industrial, office or medical office; Multi-family construction; Credit tenant build-to-suite; Data centers; Grocery anchored retail
Use: Focus on RE investments that benefit from lease-up that has been de-risked by new leases, a build-to suite, a forward sale or similar
Geography: Nationwide focusing on top 50 MSA’s

CAPITAL STRUCTURE: JV Equity
QOZ Fund Manager Seeking to Immediately Deploy Joint Venture Equity
Check Size: $10-20MM+
Property Type: Multifamily (with light street level retail), Industrial, Manufactured Housing
Geography: High-growth markets
Target Returns: Net returns of high single digits to low teens.
Timeline: Can start cutting checks by July 2021; All monies must be deployed by July 2022
Use: Shovel-ready construction (construction loan ready to fund); Purchase at completion before C/O

CAPITAL STRUCTURE: JV Equity 
Fund manager seeking local operating partners to execute value add operating business plans.
Check Size: $2MM-$25MM
Sponsor Co-Invest: 10%-50%
Target returns: 15-20% Property Level IRR; 8.5% avg. cash on cash
Hold Period: 2-10 years
Property Types: Multifamily, Industrial, Retail, Office
Use: Acquisition, Recapitalization
Geography: Nationwide

CAPITAL STRUCTURE: SENIOR DEBT
Insurance company providing stretch senior loans for cash flowing assets 
Loan Type: Fixed or Floating (LIBOR based)
Check Size: $10MM-$30MM
Term: 2-17 years
LTV/LTC: Up to 85%
Pricing: Starting at 6%
Origination Fee: Up to 1.5% of the whole loan amount
Prepayment: Flexibility priced in
Recourse: Non-recourse, with standard “bad boy” carve outs
Use: Acquisition, Refinance of stabilized cash flow and light value add properties
Property Types: Office, retail, industrial, multi-family, student housing, self-storage, hospitality
Geography: Nationwide

CAPITAL STRUCTURE: BRIDGE LOAN/ PREFERRED EQUITY/ MEZZANINE DEBT
Newly formed Investment Advisor targeting transitional middle-market lending opportunities on Multifamily assets nationwide.
Property Types: Multifamily
Use (All include an option for future funded TI/LC and CapEx facility): Acquisition, Repositioning, Recapitalizations & Special Situations
Loan Size: $3-10 million
Leverage: Up to 85% LTC
Pricing: LIBOR + 800-900 bps with a floor (varies based on risk). Market competitive Origination, Exit, and Extension fees adjusted to loan size, timing and complexity
Term: 2-3 years with extension option available. Prepayment available, subject to fees and/or minimum return requirements
Recourse: Non-recourse, except for standard carve-outs and carry/completion guarantees
Geography: Growth markets and locations with identifiable demand drivers and supply constraints

CAPITAL STRUCTURE: BRIDGE LOAN/ PERMANENT LOAN
Large international LifeCo providing low cost and flexible alternative to banks and domestic insurance company options.
Property Type: Office, Mixed-Use, Self Storage, Flex, Industrial, Hotel, and Multifamily.
Check size: $10 – $40MM
Leverage: Up to 70% LTV on post COVID pricing. Lower for Retail and Hospitality.
Rates: starting at 3.5% over LIBOR on floating and low 4s all in rate on fixed basis
Fees: 1% in
Term: Up to 7 years + extension
Amortization: IO options available
Future Funding: Holdbacks for renovations and “good news”
Uses: Acquisitions, Recapitalization and Repositioning
Geography: Top 25 U.S markets

CAPITAL STRUCTURE: BRIDGE LOAN
Closed end fund not dependent on the CLO market and utilizing lower leverage credit facilities has avoided mark-to-market & margin calls provision.
Property type: Multifamily, multi-tenant Industrial in infill locations, CBD and/or transit-oriented Office, performing Hotels on a very select basis.
Check size: $10 – $75MM
Leverage: Up to 75% LTV on post-COVID pricing.
Rates: 5.5% – 6.0% over LIBOR with a .50% floor
Fees: 0% in w/ 1%-1.5% exit
Term: Up to 3 years
Amortization: Interest only
Future Funding: Holdbacks for renovations and “good news”
Uses: Acquisitions, Recapitalization, and Repositioning
Geography: Nationwide

CAPITAL STRUCTURE: JV Equity
Fully integrated, internally managed investment and asset management platform seeking to deploy capital into heads in beds strategies.
Check size: $15 million – $75 million
Co-Invest: 90%/10%
Target returns: 8% annual cash yield with targeted growth returns in upper mid-teens 
Hold period: 1-7 years
Property type: Multifamily, Student & Senior Housing
Use: Acquisition, Recapitalization, Development
Geography: US

CAPITAL STRUCTURE: PREFERRED EQUITY/  MEZZANINE DEBT
Closed end fund offering a high levered participating preferred equity program for owners and developers of income-producing commercial real estate.
Investment size: $5 million – $75 million
Leverage: Last dollar up to 95% LTV
Pricing: Low to mid-teens pricing dependent on risk
Pay structure: ranges from 100% accrual preferred equity to 25% current pay mezzanine debt
Term: up to 7 years, open to prepayment at any time subject to minimum equity return multiple
Property type: Multifamily, Student & Senior Housing
Use: Acquisition, Recapitalization, Development
Geography: US

CAPITAL STRUCTURE: BRIDGE LOAN
Midwest asset management firm seeking to fund acquisition and renovation plays nationwide
Property type: Student/Multifamily Housing, Self-Storage, Retail, Office, MHP’s and Hospitality
Check size: $10 – $75MM
Leverage: Up to 85% LTC / 75% LTV
Rates: Spreads to LIBOR of 2.5% – 4.5%
Term: Up to 5 years
Amortization: Interest only
Future Funding: Holdbacks for renovations and “good news”
Uses: Acquisitions, Recapitalization and Repositioning
Geography: Nationwide

CAPITAL STRUCTURE: BRIDGE LOAN, CONSTRUCTION LOAN
An aggressive East Coast Bank has dropped pricing for construction and bridge loans across various asset classes.
Check size: $20-$150MM
LTV: Up to 70% for Multifamily and 65% for all others
Rate: Spreads ranging from high 1s to low 2s on transitional assets and high 2s to mid 2s for construction transactions Recourse: non-recourse for bridge loans and 20-25% recourse for construction loans with burn offs
Term: 3 to 7 years
Amortization: 30 years for multifamily and 25 years for all other asset classes
Interest Only: Up to four years
DSCR sizing: 1.15x
Structured Capital Friendly: Allow mezzanine debt up to 80% and preferred equity up to 90%
Asset Types: Multi-family, condo, office, retail, hotel, mixed use, industrial, self-storage, parking, some land
Geography: East of the Mississippi, Boston to Key Largo

CAPITAL STRUCTURE: PERMANENT LOAN
Asset management firm providing balance sheet execution for core+ permanent loans
Property Type: Student/Multifamily Housing, Self-Storage, Retail, Office, MHP’s and Hospitality
Check size: $10 – $75MM
Leverage: Up to 85% LTC / 75% LTV
Rates: Spreads to Treasuries of 150 bps+
Term: Up to 15 years
Amortization: Interest only
Future Funding: Earn Outs for performance-based goals
Uses: Acquisitions & Refinance
Geography: Nationwide

CAPITAL STRUCTURE: JV Equity
Closed-end fund offering a longer-term hold period is seeking to deploy discretionary funds into pari-passu promotable LP positions
Check size: $1 million – $10 million
Co-Invest: 95%/5% to 50%/50%
Target returns: 5% to 8% annual cash yield with targeted growth returns in upper mid-teens.
Hold Period: 5 – 10 years
Property type: Multifamily, retail, office and industrial
Use: Acquisition and/or recapitalization
Geography: Midwest, Southeast and Southwest

CAPITAL STRUCTURE: PERMANENT LOAN
CMBS lender rolls out a new program offering streamlined documentation and fixed low closing costs for fixed-rate loans.
Check size: $1.5-$5MM
LTV: Up to 75% as-is value
Rate: Market spreads (180-220bps for full leverage) over SWAPS
Term: 10 years
Amortization: 30 years
Non-Recourse: Limited to standard carve outs
Property type: Industrial, Retail, Office, Hotel, Multifamily, Self-Storage, Net lease, & MHP
Uses: Acquisitions, recapitalization
Geography: Nationwide Fixed Closing
Costs: $25,000 for lender legal and all third parties
Loan Documentation: Abbreviated securitization agreements

CAPITAL STRUCTURE: BRIDGE LOAN/ CONSTRUCTION LOAN/ MEZZANINE DEBT 
Newly formed finance arm of private equity vehicle seeking to deploy capital for senior housing, medical offices, student/multifamily housing, self-storage. 
Check size: $10 – $500MM
LTV: Up to 85% LTV/LTC
Rates: Spreads to LIBOR of 2.5% – 5.5% (first mortgage) or 6.0% – 10.0% (mezzanine/preferred equity)
Term: Up to 7 years
Amortization: Typically interest only
Property type: Senior Housing, Medical Office, Student/Multifamily Housing, Self-Storage
Uses: Development, Acquisitions, Recapitalization
Geography: NationwideHigh leverage flexible long-term balance sheet financing

CAPITAL STRUCTURE: PERMANENT LOAN
An aggressive Bank lending in the top 200 MSAs offering flexible long-term balance sheet financing for Multifamily, Industrial, Retail, Office, Medical Office, Self-Storage & Student Housing
Check Size: $3MM – $50MM 
LTV: Up to 80% for Multifamily and 75% for all others
Rate: Spreads ranging from 1.25% to 2% dependent on asset class, leverage and term
Recourse: Non-recourse, partial, and full options available
Term: 5 to 15 years
Amortization: 15 to 30 years
Interest Only: Available for 3 to 10 years based on leverage variation below 65%
Forward Rate Locks: Up to 12 months as early as commitment
Prepayment Flexibility: Step downs with option to buy down
Reserves: No Tenant Improvement reserves, only for Taxes & Insurance
Geography: Must have population greater than 75,000 within a 5 mile radius of the asset
Closing Costs: $9,500 to $25,000 depending on size 

CAPITAL STRUCTURE: PREFERRED EQUITY
Closed end fund offering a high levered participating preferred equity program for owners and developers of income producing commercial real estate
Investment size: $1 million – $20 million
Leverage: Last dollar up to 97%
LTV Pricing: 8.5% – 10% preferred return plus negotiated percentage of excess cash flow and residual profit (15% to 45% depending on risk/reward)
Term: Up to 10 years, open to prepayment at any time through sale or refinancing. If through refinancing, the Preferred Equity provider retains its participation until earlier of sale or original term.
Property type: Multifamily, retail, and self-storage assets Use: Acquisition, Recapitalization, Development
Geography: USA and Canada
Fees: 1% commitment

CAPITAL STRUCTURE: PERMANENT LOAN
An aggressive CMBS lender has rolled out a new program offering a 40-year amortization period for 90s+ vintage multifamily, industrial, and select office properties.
Check size: $5-$60MM
LTV: Up to 75% as-is value
Rate: Market spreads (180-200bps for full leverage) over SWAPS
Term: 10 years
Amortization: 40 years
Interest Only: Available for 1-3 years, or more on lower leverage
Property type: Multifamily, Industrial and select Office
Uses: Acquisitions, recapitalization
Geography: Nationwide
No Closing Costs: On loans over $30MM where leverage is 60% or less

CAPITAL STRUCTURE: BRIDGE LOAN
A New York-based investment manager is funding hybrid bridge loans that start out fixed-rate for the first two years. DSCR can be lower than one with reserves and structure.
Check size: $10-$35MM
LTV: Up to 75% loan to cost
Rate: 5.5% fixed for two years with two one-year extensions at 350 over 30-day LIBOR
Term: 2-4 years with extension options
Property type: Multifamily
Uses: Acquisitions, recapitalization, value add CAPEX repositioning, transitional assets
Geography: Nationwide

CAPITAL STRUCTURE: BRIDGE LOAN
A West Coast fund manager has rolled out a cheaper version of its national bridge loan program targeting higher quality assets with some in-place cash flow.
Check size: $10-$40MM
LTV: The lesser of 80-85% as-is value or 70-75% of as-stabilized value
Rate: 375-550 over 30-day LIBOR
Term: 2-4 years, up to 5 with extension options
Property type: Multifamily, Industrial, Office, Retail, Student Housing, Hospitality, Self Storage
Uses: Acquisitions, recapitalization, value-add CAPEX repositioning, transitional assets
Geography: Nationwide

CAPITAL STRUCTURE: MEZZANINE DEBT/ PREFERRED EQUITY
A private equity fund has rolled out a new structured product platform focused on smaller check size opportunities.
Check Size: $2-$8MM
LTV: Last dollar exposure of 70-85%
Rate: Low-to mid-teens
Term: 2-5 years
Property type: Primarily office and multifamily, and select industrial assets
Uses: Acquisitions, refinance and recapitalization
Geography: Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Houston and Raleigh

CAPITAL STRUCTURE: CONSTRUCTION LOAN/ PERMANENT LOAN/ PARTICIPATING LOAN
An international fund manager is deploying rare participating debt investments out of its multi-billion open-ended fund.
Check size: $20-$200MM
LTV: 90%
Rate: Current pay rate of 5-6% with 50% operating cash flow participation post debt service
Waterfall: Upon a capital event: 
Repayment of mortgage
Preferred return of 7-9% to lender
Return of borrower’s equity
Preferred return of 7-9% to borrower
50/50 share thereafter
Term: Closed to pay off after 5-7 years
Property type: Multifamily, Industrial, Office, Retail, Student Housing, Hospitality, Self Storage
Uses: Acquisitions and/or development
Geography: Nationwide

CAPITAL STRUCTURE: JV EQUITY
A private equity firm is seeking to co-invest with local operating partners targeting value add opportunities.
Check size: $2-20MM
Co-Invest: 90%/10% to 50%/50% Return
Target: 9% current return in years 2-4. Overall 16% gross IRR
Term: 3-7 years Property type: Multifamily (Class C+ to A-), Industrial, Office, Retail.
Uses: Acquisitions and/or development
Geography: Nationwide 

CAPITAL STRUCTURE: PERMANENT LOAN/BRIDGE LOAN/MEZZANINE LOAN / PREFERRED EQUITY
Hotel specialist providing various debt and equity products for select and limited service premium branded assets.
Check size: $5-$100MM for bridge and permanent loans, $1-$10MM for mezzanine and preferred equity
LTV: Up to 85% on bridge and mezzanine, up to 95% on preferred equity
Rate: Starting at 4.5% for senior debt and starting at 12%/13% with potential equity kickers for structured capital
Term: Bridge 2-5 years, mezzanine matched to senior and preferred equity up to 5 years
Property type: Hospitality-only uses, Acquisitions, Recapitalization, Construction Takeout, PIP/Renovation Financing, and Gap Financing
Geography: Nationwide

CAPITAL STRUCTURE: CONSTRUCTION LOAN/ PERMANENT LOAN
An insurance company is funding large senior construction loans at a fixed rate (locked at application) that convert into the fixed-rate permanent loan.
Check size: $50MM+
LTV: Max 70%; typically 65% or less
Rate: Market spreads over treasuries
Term: 36 months of construction term followed by 7+ year permanent loan for total of 10-25 years
Property type: Multifamily, (high & mid-rise, wrap and podium construction, no suburban garden-style product)
Uses: Development
Geography: Top 10 metro areas in the U.S. (urban, in-fill loc