Markets: Nationwide for sponsors located in their coverage area, which they described as the triangle between Texas, NY, and Florida.
Deal Types: Construction (MF only), light bridge, and stabilized.
Loan Sizes: $10M to $50M
Asset Types: Residential (MF, BTR, Student, etc.), industrial, retail, self-storage, and MOB. They noted they're nearly full on retail and would only consider grocery-anchored properties at the moment.
Leverage: Max 65% LTV/LTC
Pricing: SOFR + 1.65% to 1.90% for MF, 1.90% to 2.25% for industrial, and low 200s for other asset types. Construction would be SOFR + 2.25% to 2.50%.
Recourse: Existing assets are non-recourse, but construction is 15-20% recourse.
Recent Deals: A common deal type they've been financing lately is a sponsor with a maturing loan that's not ready to sell yet, so they'll choose a 3+1+1 with BankUnited that's swapped in the low-to-mid 5% range and offers prepayment flexibility.
Competitive Advantages: They tend to win on pricing. The Dallas office is relatively new (2.5 years), so they're being more aggressive there to build their customer base.
Notes: They're not interested in out-of-market deals for out-of-market sponsors, e.g. a California deal for a California sponsor. However, they would be interested if either the property or the sponsor is located in that Texas, NY, Florida triangle.
