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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: PERMANENT LOAN/ BRIDGE LOAN/ MEZZANINE LOAN and 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