Insurance company originating loans on behalf of their own account, ...

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Location: HQ in Cedar Rapids, IA
Markets: Nationwide including tertiary markets.
Deal Types: Stabilized and construction-perm
Loan Sizes: Their general account is $7M to $95M; however, they also originate on behalf of a separate account that will go as low as $3M.
Asset Types: Multifamily, student housing, industrial, retail, self-storage, office
Duration: 3 to 30 years
Leverage: Typically 55-60% LTV
Pricing: Treasuries + 1.30% to 1.50% for CM1 deals and 1.50% to 1.70% for CM2. Office deals have above 2.00% spreads.
Recent Deals: Lately they've been winning Class B/B- industrial deals and unanchored retail. They also recently closed a $37.5M multifamily loan in Shelby, NC.
Competitive Advantages: Smaller loan sizes and tertiary markets.
Notes: They closed two office deals last year.

Insurance company originating loans on behalf of their own account, as well as a couple SMAs.