- Location: US HQ in Boston, MA
- Markets: Primary and secondary markets nationwide, but not interested in high-supply markets with low occupancy and an ongoing concession battle.
- Deal Types: Construction and high yield bridge. Not chasing the sub-300 spread deals.
- Loan Sizes: $15M to $100M
- Asset Types: MF, industrial (including IOS), retail, office, storage. Not interested in hospitality.
- Leverage: 75-80%
- Pricing: SOFR + 350 and up for existing, SOFR + 475 and up for construction.
- Prepay: 6-12 months
- Recent Deals:
- MF construction in Olympia, WA
- Horizontal development in Austin, TX
- Hotel-to-MF conversion in CT.
- Competitive Advantages: They can push leverage and be very flexible on minimum interest / prepayment.
- Notes: They closed ~$300M in 2025 and plan to double that this year.
