1) Their 5th debt fund, which is currently fundraising. They had their first closing of $250M of equity in September and will have another $250M closing by the end of Q1. Once the fund is fully raised, they'll have $1.2-1.3B of lending capacity on a levered basis.
- Location: HQ in Miami, FL
- Markets: Nationwide including select tertiary markets
- Debt Fund:
- Loan Sizes: $20M to $150M. Minimum size for construction is $35M.
- Asset Types: All major product types. ~50% of their book is multifamily, and the rest is a mix of condo, hotel, retail, office, land, etc.
- Deal Types: Bridge, construction, and special situations
- Leverage: Up to 55% for land and ~75% for everything else.
- Pricing: SOFR + mid-to-high 300s for bridge, 450-550 for construction, and 600+ for land.
- Recent Deals:
- $57M MF construction financing in Frisco, TX
- $20M land loan in San Carlos, CA
- $54M student housing bridge loan in Philadelphia, PA
- Notes: They closed ~$800M in loans in 2025, which is up from ~$425M in 2024
2) New SMA
- Loan Sizes: $20M to $100M
- Asset Types: Primarily focused on multifamily
- Deal Types: Bridge for existing assets
- Leverage: Up to 70%
- Pricing: SOFR + 2.50% to 3.50%
