- Location: HQ in NYC
- Markets: Nationwide
- Deal Types: Bridge and stabilized. The bridge deals are typically concession burn-off or loss-to-lease deals, not true value-add.
- Loan Sizes: $5M to $15M
- Asset Types: Residential-only (multifamily, student housing, BTR, MHC, and age-restricted)
- Leverage: Low 80s LTV. They want a 100-125 bp spread between their debt yield and the stabilized market cap rate.
- Pricing: Targeting a 13-15% return
- Recent Deals: $6.5M of pref behind Freddie for a MF deal outside of Atlanta.
- Competitive Advantages: Small check sizes.
- Notes: They've closed behind Freddie, Fannie, HUD, and several debt funds.
