Eligible Properties/Assets

• Build-to-Rent (BTR)

• Self-Storage

• Industrial

• Multifamily

• Condo Inventory

• Medical Office Building

• Data Centers

• Parking Garage/Lots

• Industrial Outdoor Storage (IOS)

• Grocery-Anchored Retail

• Life Sciences

• 55+/Active Adult/ILF (Non-Acute)

• Hospitality

Target Transactions

• Value-Add Acquisitions

• Lease-Up or Upcoming Rollover

• Partnership Recapitalizations

• Bridge-to-Sale Refinance

• Moderate/Heavy Renovation

• Note-on-Note/Lender Financing

Financing Parameters

• Timing to Close 25-40 Days from application

• Loan Size $15 million to $60 million

• LTV The lesser of 75-80% of “as-is” value or 65-75% of “as-stabilized” value

• Lien Position Senior secured first mortgage or deed of trust

• Loan Term Initial term of 2-4 years, with a total term of 5 years (if fully extended)

• Extensions Interest-only with market-driven amortization during the Extension(s)

• Interest Rate 1-Month Term SOFR + 450-500bps; ability to PIK/accrue to maturity

• Amortization Interest-only

• Debt Yield Preference for going-in NCF DY of 4%+; non-cash-flowing properties requiring an interest reserve are evaluated on a case-by-case basis

• Yield Maintenance Typically 50% of the Loan Term; with exceptions on a case-by-case basis

• Recourse Non-recourse, other than standard “bad boy acts”; heavier CapEx may require a Completion Guaranty

• TI/LC Facility Future funding facility towards future tenant improvements and leasing commissions

• CapEx Holdack Holdbacks for renovations, with timely review and disbursements typically occurring within 10 days after submission of a complete draw request package

• Deposits Expense deposit adequate to cover third party reports, legal fees and other customary deal costs

• Origination & Exit Fees Market competitive fees adjusted to loan size, timing and complexity