- 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.
