LP & Preferred Equity
We invest alongside real estate sponsors, providing limited partner and preferred equity for development, acquisitions, and recapitalizations.
The capital is ours. There is no fund, no investment committee in another city, and no vintage-year clock forcing a sale on a date that suits somebody other than the asset.
We look for situations rather than asset classes: a basis set before construction costs moved, a site under-built for what the zoning already allows, a lease-up a few points short of stabilization, a partner who needs liquidity without giving up the building.
We are comfortable in a minority position and we do not need to run the deal. Where a sponsor knows their market better than we do, our job is capital and a second opinion — not control.
How we look at a deal
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01
First read
Send the basics and we will tell you quickly whether it is something we would do. A fast no is more useful to a sponsor than a slow maybe.
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02
Diligence
We underwrite the market ourselves rather than taking the rent roll on trust, and we walk the site. Having built this product type helps us judge what the construction number should be.
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03
Structure
LP, preferred or joint venture, depending on where the gap is and what the existing capital stack will accept. We aim for terms a sponsor can still live with in a bad year.
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04
After closing
We stay reachable and stay out of the way. If the project needs construction or leasing help, we have those teams — but only if you want them.