| Investment |
Investment Type |
Property Type and Class |
Investment Parameters |
Pricing |
Other |
| Private Investments |
| Whole Loans |

|
Permanent Loan. |

|
$3-75MM (higher w/ participants) |

|
5-20 years |

|
Fixed Rate | |

|
Class A/B+ |
|
Multifamily |

|
Industrial |
|
Office |
|
Retail |

|
Select Hotels |

|
Major Markets | |

|
LTV 65-75% higher by exception |

|
Min. DSC 1.20X |

|
Rate Lock @ appl. |
|
Prepay flex |

|
Earnouts/Forwards |

|
Holdback Structure | |

|
Market Rate & Fees |

|
Par |

|
30/360. |

|
IO Periods | |

|
Amortization (flexible w/ lower LTV) |

|
Escrows |

|
Some IO Periods |

|
B-notes |

|
Participants | |
| Construction to Permanent |

|
Const./Perm Combo |

|
$20-100MM |

|
24+ mos. Const. terms |

|
5-10 year perm terms |

|
Float to fixed | |

|
Class A |
|
Multifamily |

|
Medical Office |

|
Office, Retail |

|
Industrial | |

|
Up to 70% LTV |

|
Rate Lock @ appl. |

|
Earnouts | |

|
Market Rate & Fees |

|
Par |

|
30/360 | |

|
Amortization |

|
Can fix or float during const. period 12-15 months | |
|
B-Notes & Mezzanine |
|
|

|
Class A & B |
|

|
All property types except condominiums and skilled nursing |
|
|
| |

|
90% Maximum LTV |

|
Rate Lock @ appl. |
|
| |

|
Market Rate & Fees |

|
Par |

|
30/360
| |

|
Prepayment Flexibility | |
|
Preferred Equity |
 $1 -10MM
 3 -10 year terms |
 All property types except skilled nursing and condominiums |
 Purchase of direct equity interests
 Preferred return structure
|
 Pricing starts as low as 10.00%, and generally priced commensurate with the particular characteristics of the property or portfolio |
 Control and depreciation retained by existing ownership |
|
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|
| Public Investments |
| CMBS (Commercial Mortgage Backed Securities) |
REIT Securities |
| New issue & seasoned fixed rate BBB rated and Interest-Only CMBS classes; Seasoned BB rated CMBS; Targeting the upper quartile of the market in terms of credit quality; Well diversified with concentrations in primary property types and primary markets; Focus on liquidity. |
Targeting REIT preferred stock; Underweighting REIT common stock; Focus on mid and large capitalization companies; Target proven management teams; Companies concentrated in property markets that are well positioned for growth; Companies that derive growth from core operations versus property sales. | |