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