Real Estate

Real Estate Features

Our capital is typically positioned between senior bank financing and the developer's equity; our subordinated loans typically feature:

  • Funding for 50% to 80% of the required project equity
  • An accruing (PIK) base interest coupon
  • Profit participation after the project sponsor has received its equity plus a base return
  • Typically secured by a second mortgage
  • We will also consider limited partnership structures for specific projects or real estate private equity funds