Investment Criteria

Preferred equity and mezzanine debt:

• • $5.0 – 75.0 million
  • Last dollar of exposure up to 95%
  • Low-to-mid-teens pricing, scaled to risk
  • 1 – 7 year terms
  • Non-recourse financing
  • Preferred – interest only, all accrual  Mezzanine – varies, typically 25% current pay
  • Prepayment anytime, subject to minimum multiple

Joint venture equity and hybrid joint venture equity:

• • $15.0 – $75.0 million
  • Up to 90% / 10%
  • Targeted Return: High teens and up
  • 1 – 7 year terms

Stretch senior/unitranche loans:

• • $25.0 – $200.0 million
  • Last dollar of exposure up to 80%
  • LIBOR + 5.50% – 7.00%
  • 1 – 5 year terms
  • Non-recourse financing
  • Interest: Portion current pay and portion accrual
  • Prepayment anytime, subject to minimum interest

Property Type

• Multifamily
  • Market rate
  • Student
  • Affordable
  • Senior (IL & AL)
  • Adaptive reuse
  • Mixed-use (Multi 70%+)