PURPOSE:
Acquisition, development, rehabilitation, repositioning, and refinancing.
ELIGIBLE PROPERTIES:
Office, retail, industrial, multifamily, hospitality and mixed-use projects.
GEOGRAPHIC MARKETS:
All major U.S. markets.
INVESTMENT STRUCTURE:
Mezzanine loans secured by second liens or assignments of partnership interests.
LOAN SIZES:
$5 million and larger.
PRICING:
Priced over 30/90-day LIBOR. Competitive, risk-adjusted rates and fees. Yield achieved through a combination of current pay, front and back end fees, accrued interest and/or participation interests.
LTV/LTC:
Up to 85%.
TERM:
2 to 5 years.
LOAN FEES:
1% to 2%.
RECOURSE:
Typically non-recourse with the exception of standard recourse carve-outs, completion guarantee (if applicable) and environmental indemnity.
OTHER:
Intercreditor agreement with senior lender.
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This is a summary of general program terms, which are subject to change. This is not a commitment to lend.