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Investment Criteria - Debt

Geographic Focus

Primary markets in the continental United States with a major focus on the New York Tri-State submarket

Types

Acquisitions, Construction, Recapitalization, Value-add/Transitional, Pre-Development, Condo Inventory, Defaulted Note Purchases, 1031 Exchanges, Debtor-In-Possession, Partner Restructuring

Asset Class

All real estate asset classes

Recourse

Typically Non-Recourse, subject to "bad boy" carve-outs

Lending Parameter – First Mortgage 

Size

$5,000,000 to $100,000,000+

Rates

Starting at one month LIBOR + 5.50%

Term

12-36 months, plus extension options

Loan to Cost

Up to 80%

Loan to Value

Up to 75% (stabilized)

Lending Parameter - Second Mortgage / B-Note / Mezzanine Loan / Preferred Equity 

Size

$5,000,000 to $30,000,000

Rates

Starting at one month LIBOR + 9.50%

Term

12-36 months, plus extension options

Loan to Cost

Up to 80%

Loan to Value

Up to 75% (stabilized)

Investment Criteria - Equity

Geographic Focus

Primary markets in the continental United States with a major focus on the New York Tri-State submarket

Types

Ground-up development, special situations, value-add, entity/platform level

Asset Class

All real estate asset classes

Capital Structure

GP & Co-GP principal investments

Size

$5,000,000 to

$30,000,000