| Project
Types: |
Ground-up construction
and repositioning/value-added transactions
preferred. Existing stabilized property acquisition
and refinance also considered. |
| Property
Types: |
Residential multi-family
or for-sale projects preferred. Industrial,
office, retail and land development projects
also considered. |
| Property
Location: |
Throughout the continental
U.S. |
| Loan
Amount: |
Up to $10,000,000
with preference for transactions between $500,000
and $5,000,000. There is no minimum loan amount. |
| Loan
Term: |
1 to 3 years with
extension options available. |
| Loan
Ratios: |
75% to 80% of equity
requirement not to exceed 90% to 95% of total
capital structure. Sponsor equity generally
5% to 10% of total capital. |
| Interest
Rate: |
Flexible variable
or fixed rate structures, reflective of property
type and risk. Interest may be accrued. |
| Fees
and Profit Participation: |
Origination fee ranges
from 1 to 4%, plus exit fee and/or cash flow/sale/refinance
profit participation, reflective of risk and
target IRR. Borrower is responsible for all
transaction expenses. |
| Documentation: |
Inter-Creditor Agreement
is generally required. |
| Security: |
Pledge and Assignment
of ownership interests. Loans are generally
non-recourse with standard recourse carve-outs. |
Sponsorship:
|
Strong track record
and acceptable level of liquidity. |
