Commercial Mortgage Alert€¦ · Bridge Loan Characteristics Arena Investors Don Moses 415-888-3852 Andrew Rafkin 212-655-1351 Investment manager provides senior and subordinate

To start your FREE trial, go to the last page of this document. Or call 201-659-1700.

COMMERCIAL MORTGAGE ALERT: Nov. 8, 2019, 5 Marine View Plaza, Suite 400, Hoboken NJ 07030. 201-659-1700

Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Lender Contact The Skinny

Proj. 2019

($Mil.)

Proj. 2020

($Mil.) Bridge Loan Characteristics

3650 REIT Michael Fleischer 310-862-9995 Shin Bowers 310-862-9993

REIT originates senior, stretch and subordinate loans on transitional properties across major asset classes nationwide. Also finances specialty asset types and ground-up construction. The strategy doesn’t employ external leverage. All loans are serviced in-house.

$1,000 $1,000 Size ($Mil.): 15-150+ Senior: 8-15% Subord.: 12-15% Max LTV: 85% Term: 2-5 years Rate type: Fixed/floating

A10 Capital Ken Wilson 208-577-5011 Jerry Dunn 208-577-5010

Finance company provides nonrecourse senior and stretch bridge loans on middle-market properties nationwide, including office, retail, multi-family, industrial, mixed-use, self-storage and student housing. Offers a full-service platform with speed and flexibility. Issues CLOs.

Size ($Mil.): 3-30 Max LTV: 70-85% Term: 3-5 years Rate type: Fixed/floating

AB Capital Joshua Pukini 949-499-4580 Donald Guilfoyle 949-942-6290

Finance company writes bridge and construction loans on California properties. Asset classes include office, retail, multi-family, industrial, mixed-use, non-owner-occupied residential, urban infill land and cannabis-related properties. Also offers subordinate debt.

100 200 Size ($Mil.): 1-15 Senior: 7.95-11% Subord.: 10-14% Max LTV: 70-75% Term: 1-5 years Rate type: Fixed

Acore Capital Warren de Haan 424-346-6100

Investment manager operates funds and separate accounts. Originates senior and subordinate financing on transitional properties across major and specialty asset classes nationwide, including land. Also backs construction.

7,000 8,000 Size ($Mil.): 30-300 Senior: L+250-400 bp Subord.: L+400-700 bp Max LTV: 75-85% Term: 1-7 years Rate type: Fixed/floating

Acres Capital Orna Couture 516-882-1658

Fund operator provides senior and stretch loans in primary and secondary markets. Targets borrowers overlooked by traditional lenders. Finances major property types, plus co-living, land, self-storage and student housing. Also backs construction.

800 1,000 Size ($Mil.): 10-75 Max LTV: 80% Term: 1-3 years Rate type: Floating

AEW Capital Dan Jacobson 617-261-9248

Investment manager writes senior, stretch and subordinate loans for top sponsors on high-quality core-plus and transitional properties in major markets. Lends across all major asset classes, plus mixed-use, self-storage and senior housing. Also backs construction.

750 1,000 Size ($Mil.): 20-300 Senior: L+215-300 bp Subord.: L+425-800 bp Max LTV: 65-80% Term: 2-10 years Rate type: Fixed/floating

Allegiant Real Estate Capital Ben Milde Jon Stein Peter Ginsberg 646-362-0321

Investment manager originates bridge loans on stabilized, value-added and transitional properties of all types nationwide. Also funds construction and provides subordinate financing.

1,000 1,000 Size ($Mil.): 5-50 Senior: L+300+ bp Subord.: 8+% Max LTV: 80% Term: 1-5 years Rate type: Floating

AllianceBernstein Peter Gordon 310-407-0082 Bryan Donohoe 212-969-1544

Investment manager operates separate accounts and other vehicles. Writes bridge loans to qualified sponsors nationwide on properties being leased up, renovated or repositioned. Focuses on institutional-grade properties of all major types plus mixed-use, student housing, self-storage and land.

1,500 1,500 Size ($Mil.): 20-300 Senior: L+250-500 bp Max LTV: 80% Term: 2-5 years Rate type: Floating

BRIDGE LENDERS


November 8, 2019 2Commercial Mortgage ALERT



Proj. 2019

($Mil.)

Proj. 2020


American Realty Advisors Doug Vikser 213-233-5831 Kirk Helgeson 213-233-5779

Investment manager operates separate accounts and other vehicles. Provides senior, stretch and subordinate financing for construction, heavy transitional properties and special situations. Lends on major property types in top-25 markets, as well as various specialty types.

$400 $500 Size ($Mil.): 10-100+ Senior: L+350-500 bp Subord.: L+500-1,200 bp Max LTV: 85-90% Term: 2-10 years Rate type: Fixed/floating

Amherst Capital Abbe Franchot Borok 212-303-1598 Scarlett Chung 212-303-1590

Investment manager writes senior loans on middle-market value-added properties. Lends on major property types plus mixed-use, student and senior housing, self-storage and single-family rentals. Typical loans are nonrecourse and can have debt-service-coverage ratios under 1 to 1. Plans to issue CLOs.

Size ($Mil.): 10-75 Senior: L+250-450 bp Max LTV: 75% Term: 2-5 years Rate type: Floating

Angel Oak Commercial Lending Ben Easterlin 404-978-0266

Investment manager originates transitional bridge loans across major asset classes nationwide, plus specialty property types such as mixed-use, self-storage and senior housing. Also offers subordinate debt.

200 350 Size ($Mil.): 1-20 Senior: 5-10% Subord.: 9-13% Max LTV: 75-85% Term: 1-7 years Rate type: Floating

Angelo, Gordon & Co. Andrew Solomon 212-883-4132 Scott Greenfield 212-692-2036

Investment manager provides senior and subordinate debt nationwide across all asset classes, including land and construction. Focuses on high-yielding opportunities with experienced sponsors. Touts its reliability, flexibility and creativity.


Annaly Commercial Real Estate Michael Quinn 212-696-0100

REIT offers flexible and customized bridge financing across the capital structure on transitional properties of all types in liquid markets across the country. Has issued CLOs.

1,000 1,500 Size ($Mil.): 20-500 Senior: L+250-400 bp Subord.: L+700-900 bp Max LTV: 80% Term: 2-7 years Rate type: Fixed/floating

Apollo Global Sang Yu 212-822-0731

Investment manager provides senior and subordinate loans via multiple vehicles. Offers bridge, pre-development, construction and stabilized loans across all property types nationwide.

10,000 Size ($Mil.): 20+ Term: 2-10+ years Rate type: Fixed/floating

Arbor Realty Fred Weber 516-506-4595 Gianni Ottaviano 516-506-6580

REIT originates senior bridge loans and subordinate financing on office, retail, multi-family, student-housing, senior-housing and self-storage properties nationwide. Issues CLOs.

Size ($Mil.): 5-150 Term: 1-5 years Rate type: Floating

Archbell Capital Scott Shepherd 213-266-9200

Investment manager operates separate accounts. Writes senior bridge loans on transitional, middle-market properties throughout nation, but mostly in West. Lends on major types, plus mixed-use, self-storage, student housing and land. Funds loans with interest reserves if debt service will be covered within a year.

400 500 Size ($Mil.): 10-80 Senior: L+275-800 bp Max LTV: 80% Term: 3-5 years Rate type: Floating

Arden Group Douglas Harmon 646-639-8486 Matthew Toukatly 215-735-1313, ext. 135

Investment manager operates Arden Credit Fund. Originates senior and subordinate loans nationwide on behalf of funds and separate accounts. Finances all major property types, as well as mixed-use and land. Able to lend on construction, transitional and stabilized properties.

200 250 Size ($Mil.): 10-65 Senior: L+425-550 bp Subord.: L+550-1,000 bp Max LTV: 75-85% Term: 1-7 years Rate type: Fixed/floating

Ardent Financial Daniel Siegel 678-248-6539

Investment manager focuses on complex financings typically avoided by traditional lenders, such as land, rehabilitation, ground-up construction and transitional properties with destabilized cashflow. Lends nationwide on all major property types, plus various specialty types.

300 400 Size ($Mil.): 4-120 Senior: 7+% Subord.: 10+% Max LTV: 85% Rate type: Fixed/floating

BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


Arena Investors Don Moses 415-888-3852 Andrew Rafkin 212-655-1351

Investment manager provides senior and subordinate bridge loans on value-added, transitional and special-situation real estate nationwide. Finances all major property types, plus specialty types, including mixed-use, self-storage, land and co-living. Also backs construction.

$250 $350 Size ($Mil.): 5-50 Senior: 7-15% Subord.: 12-20% Max LTV: 85-95% Term: 1-5 years Rate type: Fixed/floating

Ares Real Estate J.B. Gerber 212-515-3393

Investment manager operates a REIT, private funds and separate accounts. Provides capital at all levels. Lends nationwide on all property types, including land. Also funds construction. Has issued CLOs.

Size ($Mil.): 20-200 Max LTV: 80-90% Term: 2-10 years Rate type: Fixed/floating

Argentic John Burke 646-560-1730

Investment manager originates bridge loans on value-added and stabilized properties. Offers senior and subordinate debt on all major property types, plus mixed-use, self-storage, student and senior housing. Issues CLOs.

1,250 1,500 Size ($Mil.): 20-300 Senior: L+250-450 bp Subord.: 9-12% Max LTV: 80-90% Term: 2-5 years Rate type: Floating

ArrowMark Partners Robert Brown 303-398-2927

Investment manager provides senior and subordinate financing via separate accounts and other vehicles. Lends on all major asset classes nationwide, as well as mixed-use, land and self-storage. Backs stabilized, transitional, value-added and opportunistic plays.

200 500 Size ($Mil.): 10-100 Senior: 4-6.5% Subord.: 7.5-15% Max LTV: 80-90% Term: 2-10 years Rate type: Fixed/floating

Artemis Real Estate Partners Kevin Nishimura 240-235-2026

Investment manager provides senior and subordinate debt via separate accounts and other vehicles. Finances all strategies and all property types nationwide, including land. Also backs construction.

150 200 Size ($Mil.): 10-100 Senior: 5-8% Subord.: 7-15% Max LTV: 90% Term: 3-10 years Rate type: Fixed/floating

Asia Capital Real Estate (ACRE Credit) Daniel Jacobs 732-492-9743 Michael Van Der Poel 646-667-7767

Investment manager writes bridge loans to high-quality institutional sponsors on construction, lease-up, value-added and stabilized properties nationwide. Offers senior, stretch and subordinate financing. Target asset types include multi-family, student housing and senior living.

200 250 Size ($Mil.): 10-150 Senior: L+275+ bp Subord.: L+775+bp Max LTV: 85-90% Term: 2-7 years Rate type: Fixed/floating

Atalaya Capital Young Kwon 212-201-1917 Skylar Hochberg 212-201-1922

Investment manager provides senior and subordinate bridge financing nationwide, with a focus on construction, pre-development and condo-inventory loans. Lends across all major and specialty asset classes, including land.


Avana Capital Shivan Perera 623-207-9265 Kurt Peterson 623-207-9373

Originates bridge and construction loans on a mix of property types nationwide, including hotel, healthcare, retail, industrial, medical-office and self-storage. Also finances energy-efficiency improvements and conversions to renewable energy.

200 250 Size ($Mil.): 1-20 Senior: 8-9.5% Max LTV: 70% Term: 1-3 years Rate type: Floating

Avant Capital Adam Luysterborghs 203-612-9580

Investment manager provides senior and subordinate financing for acquisitions, cash-out refinancing, distressed/discounted payoffs, rehabilitation and other situations. Emphasizes quick closings. Scope includes office, retail, multi-family, industrial, mixed-use and various specialty property types.

100 100 Size ($Mil.): 1-25 Senior: 7.5+% Subord.: 11+% Max LTV: 75% Term: 1-4 years Rate type: Fixed/floating

Axonic Capital Brendan McCormick 212-828-7208 Tyler Kimball 212-828-7274

Investment manager operates separate accounts and other vehicles. Lends on major property types nationwide, plus mixed-use, self-storage, student housing and senior housing. Provides senior and subordinate financing, with an emphasis on fast execution and flexible structures.

500 Size ($Mil.): 15-100 Senior: L+350-550 bp Subord.: L+550-1,200 bp Max LTV: 75-85% Term: 1-5 years Rate type: Fixed/floating

BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


Barings Daniel Hartley 212-973-5173

MassMutual affiliate writes senior and subordinate loans on all property types nationwide. Targeted clients include owners of multi-family, student-housing, senior-housing and healthcare properties that plan to line up permanent Fannie Mae or Freddie Mac mortgages. Also backs construction.

$1,850 $2,000 Size ($Mil.): 25-250 Senior: L+225-550 bp Subord.: L+800-1,200 bp Max LTV: 85% Term: 1-5 years Rate type: Floating

Basis Investment Kunle Shoyombo 212-842-5713 Shaunak Tanna 212-915-0699

Fund operator focuses on value-added, middle-market transactions with experienced sponsors. Writes loans on all property types in primary and secondary markets nationwide. Ability to lend across the capital stack. May issue CLOs.

300 500 Size ($Mil.): 2-75 Senior: L+250-500 bp Subord.: 8-14% Max LTV: 85% Term: 3-5 years Rate type: Fixed/floating

Bedrock Capital Barry Gersten 212-419-4814 Michael Santini 212-957-2525

Subsidiary of One William Street Capital originates senior and subordinate debt on transitional and stabilized properties of all types. Lends nationally, including selective secondary and tertiary markets. Also backs construction.

400 750 Size ($Mil.): 5-75 Senior: L+290-550 bp Subord.: 7.5-15% Max LTV: 80-85% Term: 1-5 years Rate type: Floating

Benefit Street Partners Realty Michael Comparato 212-588-9404 Matthew Jacobs 212-588-3693

Subsidiary of Franklin Templeton provides middle-market bridge loans nationwide, focusing on light transitional and stabilized assets. Scope includes all major asset classes and niches such as manufactured housing, self-storage and condo-inventory. Lends throughout the capital stack. Also provides fixed-rate takeout financing. Issues CLOs.

2,500 3,000 Size ($Mil.): 5-150 Senior: L+260+ bp Subord.: L+750+ bp Max LTV: 75-85% Term: 1-5 years Rate type: Fixed/floating

BlackRock Clinton Soose 212-810-8987

Investment manager operates funds and separate accounts. Originates senior and subordinate loans on stabilized and transitional properties of all types in primary and secondary markets. May issue CLOs.

800 1,000 Size ($Mil.): 25-150 Senior: L+250+ bp Subord.: L+400+ bp Max LTV: 75-85% Term: 1-7 years Rate type: Floating

Blackstone Real Estate Debt Strategies Tim Johnson 212-583-5625

Investment manager operates funds and a REIT. Provides senior and subordinate financing on all major property types nationwide, as well as specialty asset classes including land, student and senior housing, self-storage and data centers. Also funds construction. Issues CLOs.

10,000 10,000 Size ($Mil.): 75+ Senior: L+225+ bp Max LTV: 75-85% Term: 2-7 years Rate type: Fixed/floating

Bloomfield Capital Brent Truscott 248-745-1700 Renee Lewis 207-772-6870

Fund operator writes senior and subordinate bridge loans on all major property types nationwide, as well as mixed-use, self-storage, student housing and senior housing. Primarily focuses on transitional real estate, often with some construction to be completed.

Size ($Mil.): 2-20 Senior: 7-10% Subord.: 9-13% Max LTV: 80-90% Term: 1-5 years Rate type: Fixed/floating

Blue Vista Finance Shawn Townsend 312-477-2484

Private equity firm manages discretionary funds and separate accounts. Originates senior loans nationwide, with a focus on value-added, middle-market properties. Vertically integrated with investment, development, and property and asset management capabilities. All loans managed internally.


Bluestone Group Marc Mendelsohn Eli Tabak 212-991-6600

Family office originates bridge loans for the acquisition and refinancing of all major asset classes nationwide, as well as mixed-use properties and land. Targets complex and time-sensitive transactions. Able to lend at all levels of the capital stack.

250 400 Size ($Mil.): 3-200 Senior: 8-12% Subord.: 12-16% Max LTV: 75-85% Term: 1-3 years Rate type: Fixed/floating

BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


Bolour Associates Steve Martin 323-677-0550, ext.120

Finance company writes high-leverage bridge loans with a focus on urban-infill locations nationwide. Lends on all major property types, plus self-storage, mixed-use and land. Finances both cash flowing and non-cash flowing properties. Also offers subordinate debt.

$100 $200 Size ($Mil.): 1-15 Senior: 7.5-11% Subord.: 12-13% Max LTV: 75% Term: 1-2 years Rate type: Floating

Boveda Asset Management Ken Witherspoon 888-569-8883, ext. 2119

Investment manager lends on major property types nationwide, plus mixed-use and self-storage. Focuses on multi-tenant, income-producing real estate with highly experienced management teams. Also finances single-tenant properties, as well as construction projects.

300 Size ($Mil.): 2-100 Senior: L+250-950 bp Max LTV: 85% Term: 1-10 years Rate type: Fixed/floating

Bridge Investment James Chung 646-453-7101

Investment manager operates the Bridge Debt Strategies Fund series. Lends on all property types nationwide, with a focus on multi-family, office, and senior housing. Targets $10 million to $50 million loans on transitional assets. Offers senior and subordinate financing. Issues CLOs.

2,000 2,000 Size ($Mil.): 5-200 Senior: L+225-400 bp Subord.: 8-12% Max LTV: 85% Term: 2-5 years Rate type: Floating

BridgeRock Capital Jacob Kim 646-658-4544 Seung Kim 646-609-8749

Invests South Korean capital in bridge loans on transitional properties nationwide, as well as construction and take-out financing. Property types include office, multi-family, hotel, industrial, mixed-use and student housing. Also offers subordinate debt.


Broadmark Real Estate Management Brett Kaye 720-515-1948

Finance company focuses on short-term bridge, construction and development lending in Colorado, Utah and Texas. Finances all types of commercial and residential rental properties. Offers high leverage, creative financing with no loan-to-cost maximum and quick closings.

500 800 Size ($Mil.): 1-50 Senior: 12-12.25% Max LTV: 65% Term: Up to 2 years Rate type: Fixed

Brookfield Real Estate Financial Andrea Balkan 212-417-7277 Christopher Reilly 212-417-7289

Investment manager operates separate accounts and other vehicles. Originates senior, stretch and subordinate loans on all property types across the country. Also backs construction.

7,500 7,500 Size ($Mil.): 75-1,000 Senior: L+200-600 bp Subord.: L+400-800 bp Max LTV: 85% Term: 1-10 years Rate type: Fixed/floating

Buchanan Mortgage Chris Cervisi 949-717-3191

Lending platform of investment manager Buchanan Street Partners. Originates quick-closing, nonrecourse bridge and construction loans across property types, with a focus on land targeted for development. Lends primarily in the West, Texas and Colorado. Offers senior, stretch and subordinate products.

200 200 Size ($Mil.): 4-50 Senior: L+500-900 bp Max LTV: 85% Term: Up to 3 years Rate type: Fixed/floating

C-III Commercial Mortgage Paul Hughson 212-705-5046 Michael Pierro 212-705-5096

C-III Capital subsidiary writes bridge loans on all major property types nationwide, as well as mixed-use, self-storage and manufactured housing. Also offers subordinate financing options.


Calmwater Capital Eric Jordan 310-806-9751 Larry Grantham 310-806-9724

Fund operator lends on transitional properties across all asset classes nationwide, including properties that are vacant or without cashflow. Offers speed, flexibility and reliability for complex transactions, with closings in 2-4 weeks. Also funds construction and provides subordinate financing.

600 600 Size ($Mil.): 10-100 Senior: L+500+ bp Subord.: L+900+ bp Max LTV: 75-85% Term: 1-4 years Rate type: Fixed/floating

BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


Canyon Partners Real Estate Robin Potts 310-272-1584

Fund operator provides senior and subordinate debt primarily for ground-up development and on transitional properties in primary and secondary markets nationwide. Scope includes all major property types, plus mixed-use, self-storage, student housing and senior housing.

$300 $300 Size ($Mil.): 10-150 Senior: 6-12% Subord.: 11-18% Max LTV: 80-85% Term: 2-5 years Rate type: Fixed/floating

Carlyle Group Jessica Lee 212-520-3272 Philip Moore 212-520-3206

Investment manager, via Carlyle Credit Opportunities and other vehicles, provides senior and subordinate financing nationwide for transitional assets and heavy renovations. Lends on entertainment-related and other operationally intensive assets, as well as office, retail, multi-family, hotel, mixed-use, student housing, senior housing and land. Also backs construction.

Size ($Mil.): 75-500 Senior: L+550-700 bp Subord.: L+900-1,300 bp Max LTV: 70-85% Term: 2-7 years Rate type: Floating

CarVal Investors Paul Mullaney 952-444-4821 Daniel Tanner 212-457-0163

Subsidiary of agricultural giant Cargill finances stabilized and transitional assets nationwide. Provides senior and subordinate debt on all major property types and various specialty types, as well as construction. May issue CLOs.

200 300 Size ($Mil.): 15+ Senior: 3-5% Subord.: 6.5-15% Max LTV: 85% Term: 2-5 years Rate type: Fixed/floating

Case Real Estate Capital Sanford Herrick 201-468-6271 Chris Mavros 201-468-6761

High-yield lender finances transitional properties of all types, including land, in the New York metropolitan area, the Mid-Atlantic region and South Florida. Provides senior and subordinate financing options. Also backs construction.

150 Size ($Mil.): 2.5-40 Max LTV: 75% Term: 1-3 years Rate type: Fixed/floating

Castellan Capital Paul Salib 212-776-1914 Etan Slomovic 646-545-6718

Investment manager originates senior bridge loans and construction loans on major asset types nationally, as well as self-storage and mixed-use properties. Specializes in time-sensitive situations in which conventional financing is unavailable. Loans close in 1-2 weeks. No prepayment penalty.

250 300 Size ($Mil.): 1-40 Senior: L+475-700 bp Max LTV: 75% Term: Up to 3 years Rate type: Fixed/floating

CCRE (Cantor Commercial Real Estate) Tim Groves 212-915-1908

Cantor Fitzgerald subsidiary provides senior bridge financing on all property types nationwide, especially light transitional real estate. May issue CLOs.


CIM Group Charles Garner (Southeast) Jason Schreiber (East, LA) John Bruno (Central, West) 323-860-4900

Investment manager provides bridge loans on transitional properties, as well as construction loans, in urban markets. Offers senior and subordinate debt across all major asset classes, plus land, mixed-use, parking, data centers, student housing and senior housing.

1,000 2,000 Size ($Mil.): 75-1,000 Senior: L+250-450 bp Subord.: L+600-800 bp Max LTV: 80% Term: 3-7 years Rate type: Floating

Colony Credit Real Estate Daniel Katz 310-552-7258 Kevin Swartz 212-547-2638

REIT, managed by Colony Capital, originates debt throughout the capital structure on major asset classes nationwide, as well as mixed-use, self-storage and student housing. Also funds construction. Issues CLOs.

2,000 2,000 Size ($Mil.): 20-500 Senior: L+225-500 bp Subord.: 10-15% Max LTV: 80-90% Term: 1-10 years Rate type: Fixed/floating

Columbia Pacific Kari Luttinen 206-294-7932 Lauren Smyle 206-257-3726

Originates senior and subordinate bridge loans on all types of cash-flowing properties nationwide, including affordable housing, RV-parks and mobile-home parks. Offers certainty of execution and ability to close quickly, typically in 15-20 business days.

500 600 Size ($Mil.): 5-100 Senior: 9-12% Subord.: 12-16% Term: Up to 5 years Rate type: Fixed

BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


Crescit Capital Strategies Joseph Iacono 212-882-1224 Kim Diamond 212-332-1965

Investment manager writes bridge loans on middle-market transitional and stabilized properties of all types nationwide. Also finances construction. Provides senior and subordinate debt. May issue CLOs.

$500 $1,250 Size ($Mil.): 15-50 Senior: L+350-550 bp Subord.: L+550-1,000 bp Max LTV: 75-85% Term: 1-7 years Rate type: Fixed/floating

Criterion Real Estate Capital Chuck Rosenzweig 212-259-0414 Adam Falk 212-259-0411

Investment manager specializes in large loans on value-added and opportunistic properties in gateway markets. Finances construction, redevelopment and repositioning. Offers senior and subordinate debt on all property types, including land. Flexible on structure, duration and cashflow.

500 750 Size ($Mil.): 25-1,000 Senior: L+400-800 bp Subord.: L+800-1,500 bp Max LTV: 90% Term: 1-6 years Rate type: Fixed/floating

CrossHarbor Capital Richard Flohr 312-535-4862

Investment manager with discretionary capital originates nonrecourse senior bridge loans on all major property types nationwide, as well as self-storage. Also backs construction. May issue CLOs.

1,000 1,000 Size ($Mil.): 10-100 Senior: L+275-500 bp Max LTV: 85% Term: 1-5 years Rate type: Floating

Dwight Capital Aaron Krawitz 347-846-0773 Adam Sasouness 347-846-0771

Finance company focuses on multi-family and healthcare properties, including senior housing, skilled nursing and assisted living. Bridge-loan program offers smooth transition to permanent HUD and agency loans. Also provides subordinate debt. Lends nationwide, including secondary and tertiary markets.

400 575 Size ($Mil.): 3-100 Senior: L+350-600 bp Subord.: L+800-1,200 bp Max LTV: 85-90% Term: 1-3 years Rate type: Floating

DWS Real Estate Debt Investments Patrick Kennelly 312-537-0111 Joe Rado 212-454-6476

Investment manager operates funds and separate accounts. Originates senior and subordinate loans across all major and specialty asset classes in primary and secondary markets across the country. Also funds construction.

Size ($Mil.): 10-75 Senior: L+300+ bp Subord.: L+400-800+ bp Max LTV: 85% Term: 3-7 years Rate type: Fixed/floating

Edgewood Capital Chris Whittleton Michael House 203-255-1700

Investment manager concentrates on transitional properties nationwide. Provides senior and subordinate financing across all asset classes, including land, but particularly focused on multi-family properties.

100 150 Size ($Mil.): 2-50 Senior: L+300-1,000 bp Subord.: 13-15% Max LTV: 75-80% Term: 1-3 years Rate type: Floating

EJS Credit Ted Segal 212-615-3456 Adam Koplewicz 212-547-2007

Finance company originates senior, stretch and subordinate loans, primarily on multi-family and mixed-use properties with strong sponsors. Focus is on the New York metropolitan area and other primary markets. Finances pre-development, construction and conversions.

125+ Size ($Mil.): 10-50+ Senior: 7-10+% Subord.: 8-12+% Max LTV: 65-85% Term: 1-5 years Rate type: Fixed/floating

Ellington Management Brian Neilinger 203-409-0232

Investment manager originates senior bridge loans, with flexible terms and prepayment provisions, on middle-market properties nationwide. Scope includes all major asset classes, plus mixed-use, self-storage and student housing.


Exantas Capital Paul Hughson 212-705-5046 Michael Pierro 212-705-5096

REIT, managed by Resource America, writes bridge loans via its RCC Real Estate subsidiary. Lends nationwide on major property types, plus manufactured housing, student housing, mixed-use and self-storage. Also offers subordinate financing. Issues CLOs. Resource America is a subsidiary of C-III Capital.

750-1,000

750-1,000

Size ($Mil.): 5-100 Senior: L+200-400 bp Subord.: 5-12% Max LTV: 87.5-90% Term: Up to 5 years Rate type: Fixed/floating

BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


Fairview Partners Nels Stemm 310-804-3922 Andrew Parker 425-247-0922

Investment manager originates senior and subordinate debt on all property types across the country. Targets investments with some element of distress. Also backs construction.

$40 $50 Size ($Mil.): 1-15 Senior: 8.75-12% Subord.: 12-18% Max LTV: 80-90% Term: 1-4 years Rate type: Fixed/floating

Fortress Investment Ivan Yee 212-478-4094 Zachary Cion 212-515-4630

Investment manager provides financing across the capital structure on all major property types nationwide, as well as mixed-use, self-storage and student housing. Issues CLOs.

1,000+ 1,000+ Size ($Mil.): 15+ Term: 3-5 years Rate type: Floating

G4 Capital Jason Behfarin 516-320-8722 Robyn Sorid 516-320-8723

Fund operator writes senior bridge loans on middle-market transitional properties in the Northeast, with a focus on the New York metropolitan area. Finances all major property types, plus mixed-use and entitled land, and funds construction.

450 450 Size ($Mil.): 10-100 Senior: L+550-700 bp Max LTV: 65% Term: 1-3 years Rate type: Fixed/floating

Gamma Real Estate Jonathan Kalikow 212-922-9471 Matthew Jacobs 212-922-0222

Owned and operated by Kalikow family of New York. Via its Gamma Lending platform, originates senior loans across major asset classes, as well as mixed-use, self-storage, land and construction. Specializes in complex closings. Lends nationwide, focusing on primary and secondary markets.


Garrison Investment Bradley Petersen 212-372-9543

Investment manager runs funds and separate accounts. Provides senior and subordinate financing for stabilized and transitional properties nationwide. Lends across major asset classes, plus mixed-use, senior housing and land. Also backs construction.

Size ($Mil.): 10-100 Max LTV: 75% Term: 3-7 years Rate type: Fixed/floating

Granite Point Mortgage Stephen Alpart 212-364-5492 Peter Morral 212-364-5486

REIT, managed by Pine River Capital, focuses on originating stretch senior loans on value-added and transitional properties in primary and secondary markets. Lends on major property types, as well as mixed-use, student housing, self-storage and manufactured housing. Also provides subordinate debt. Issues CLOs.

1,800 1,800 Size ($Mil.): 20-200 Senior: L+250-450 bp Subord.: 10-12% Max LTV: 80% Term: 2-7 years Rate type: Floating

Greystone Mark Jarrell 617-316-1675 Anthony Alicea 212-896-9153

Finance company provides bridge loans on multi-family and healthcare properties nationwide, often to be converted to permanent Fannie Mae, Freddie Mac or HUD mortgages. Exit fees waived if Greystone arranges the permanent financing. No prepayment penalty after six months. Also provides subordinate debt. Issues CLOs.

1,500 2,000 Size ($Mil.): 7.5-150 Senior: L+275-500 bp Subord.: 11-13% Max LTV: 90% Term: 1-3 years Rate type: Floating

Gryphon Real Estate Capital Angelo LoBosco 212-757-9198 Jim Hopkins 212-790-6709

Investment manager originates bridge loans on multi-family, student housing, senior housing and self-storage properties nationwide. Focuses on transitional real estate in need of renovation or repositioning, as well as newly constructed properties that need to be stabilized before permanent financing is secured. Also provides subordinate debt.

500 1,000 Size ($Mil.): 10-100 Senior: L+175-375 bp Subord.: L+800-1,400 bp Max LTV: 85% Term: 1-5 years Rate type: Floating

H.I.G. Realty Jeff Wiseman 212-294-7194

Investment manager operates separate accounts and other vehicles. Originates senior and subordinate bridge financing on quality transitional properties and construction projects in primary and secondary markets. Lends on all major property types, as well as mixed-use, student housing, senior housing, self-storage and data centers.


HALL Structured Finance Mike Jaynes 214-269-9540 Matt Mitchell 214-269-9542

Specializes in providing nonrecourse construction loans, particularly on hotel projects. Also originates senior bridge loans on hotel, multi-family, student housing, office and other select asset classes nationwide.


BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


Heitman Tim Podboy 312-425-0307 Rich Caterina 310-689-1418

Investment manager operates funds and separate accounts. Provides senior and subordinate debt nationwide to high-quality operators on major asset types, as well as mixed-use, student housing, senior housing and self-storage. Also backs construction.

$2,000 $2,000 Size ($Mil.): 25-300 Senior: L+200-350 bp Subord.: 9-12% Max LTV: 80%/85% Term: 2-5 years Rate type: Floating

Hines Andrew Cooper 347-837-3807 Janice Walker 713-966-7755

Fund operator writes senior and subordinate loans for construction, repositioning and acquisition. Lends nationwide on major property types plus mixed-use, self-storage, student housing and senior housing. Maximum loan-to-value ratio is based on stabilized value. Loan-to-cost ratio can be higher.

100-200 50-200 Size ($Mil.): 5-40 Senior: L+350-500 bp Subord.: L+700-1,400 bp Max LTV: 80% Term: 1-5 years Rate type: Fixed/floating

Hunt Real Estate Capital Precilla Torres 212-521-6437 Vic Clark 972-868-5757

Finance company writes middle-market bridge loans across various property types, with a concentration on multi-family complexes. Targets rental loans that will be taken out with permanent agency or HUD financing. Also funds construction and offers subordinate debt. Issues CLOs.

Size ($Mil.): 5-50 Term: 1-5 years Rate type: Fixed/floating

iBorrow Andrew Smith 310-843-0001

Provides senior bridge loans on all major property types nationwide, plus mixed-use, self-storage, senior housing, student housing and data centers. Emphasizes quick response and funding. Also finances heavy renovation projects.

300 600 Size ($Mil.): 3-30 Senior: 7-12% Max LTV: 65-70% Term: 1-3 years Rate type: Fixed/floating

Inland Mortgage Capital Eugene Rutenberg 630-586-2966 Dan Greenberg 224-244-3633

Finance company writes senior bridge loans nationwide on value-added and transitional properties nationwide. Finances most major property types, as well as land, self-storage, student housing, medical office and independent living. No prepayment penalty. Provides in-house servicing.


Invesco Real Estate Charlie Rose 310-310-0315 Yorick Starr 212-278-9047

Investment manager offers senior and subordinate debt, focusing on institutional-quality properties in highly liquid markets, with established sponsors and light transitional business plans. Lends across major and specialty asset classes, which include life science and medical office. Also backs construction.

3,500 4,500 Size ($Mil.): 50-350 Senior: L+200-300 bp Subord.: L+400-650 bp Max LTV: 75% Term: 2-7 years Rate type: Floating

iStar Marcos Alvarado 212-930-9491 Tim Doherty 212-930-9433

REIT writes bridge loans across all asset classes, including land and development projects. Lends nationwide, with a focus on major metropolitan markets. External manager of publicly-traded Safehold, which originates and acquires ground leases.


JCR Capital Ryan Welch 303-802-3530 Eli Rozansky 303-476-6519

Investment manager, a subsidiary of Walker & Dunlop, writes senior and subordinate loans on middle-market properties nationwide. Scope includes all major asset classes, plus self-storage, mixed-use, student housing and senior housing. Provides in-house servicing and asset management.


JDM Capital Joseph DeMatteo Gregory Bernhart 212-253-2331

Investment manager provides senior and subordinate loans on value-added transitional and stabilized hotels and resorts in the top-20 markets nationwide. Also lends on triple-net-lease office and industrial properties, plus construction.

Size ($Mil.): 1-50 Senior: 6.5+% Subord.: 8+% Max LTV: 65-85% Term: 2-10 years Rate type: Fixed/floating

BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


JLJ Capital Jonathan Lewis 973-865-1715

Finance company writes bridge and construction loans on middle-market properties nationwide, with an emphasis on New York, New Jersey, Pennsylvania and Texas. Lends across all asset classes, including land. Also offers subordinate financing. Promises quick closings.

$250 $500 Size ($Mil.): 2-80 Senior: L+550+ bp Max LTV: 75-85% Term: Up to 4 years Rate type: Fixed/floating

KKR Real Estate Finance Patrick Mattson 212-519-1656 Joel Traut 212-271-9960

REIT originates senior loans for experienced and well-capitalized sponsors on institutional-quality properties in liquid markets with strong underlying fundamentals. Lends on major property types plus mixed-use, self-storage and student housing. Also backs construction and offers subordinate debt. Issues CLOs.

3,000 3,500 Size ($Mil.): 50-400 Senior: L+240-350 bp Max LTV: 80% Term: 2-5 years Rate type: Fixed/floating

Knighthead Funding Jonathan Daniel 203-327-3327

Finance company specializes in senior bridge loans for the acquisition, renovation, construction and refinancing of properties nationwide. Lends across all asset classes, including land and single-family rentals.


KSL Capital Craig Henrich 203-989-3982 Hal Shaw 203-989-3983

Investment manager operates funds and separate accounts. Focuses on senior and subordinate financing of stabilized and transitional hotels and recreational properties nationwide. Also lends on hotel-anchored mixed-use complexes and co-living properties.

200 250 Size ($Mil.): 15-250+ Senior: L+350-550 bp Subord.: L+750-1,100 bp Max LTV: 75% Term: 2-10 years Rate type: Fixed/floating

Ladder Capital Ryan Jantzen 212-715-3180 Adam Siper 212-715-3162

REIT originates senior bridge loans with flexible structures on all major and specialty property types nationwide, including land. Collateral can range from light transitional to having no cashflow. Also provides subordinate financing. Issues CLOs.

1,300- 1,500

1,500 Size ($Mil.): 10-275+ Term: 1-5 years Rate type: Fixed/floating

LaSalle Mortgage Real Estate Investors Craig Oram 310-234-2107 Mark Milovic 310-234-2124

REIT writes senior loans on light to heavy value-added and transitional properties nationwide, including those without cashflow. Focuses on middle-market real estate across major asset classes, as well as student housing and mixed-use. Handles asset management in-house. Issues CLOs.


Lightstone Capital Eugene Rozovsky 212-324-0231 Jonathan Fhima 310-279-0048

Debt platform of Lightstone Group originates senior and subordinate financing on all property types nationally. Also funds construction. Offers interest-only and nonrecourse loans, quick closing and prepayment flexibility.


Lionheart Strategic Management Billy Jacobs 646-744-2288 Jake Misisco 646-744-2285

Investment manager provides subordinate and stretch financing on transitional properties with experienced sponsors in cities with strong economies and demographics. Lends on major and specialty property types, including land. Also funds construction.


LoanCore Capital Jordan Bock 203-861-6065 Dan Bennett 203-861-6037

Finance company and REIT originates senior and subordinate financing on all property types nationwide, with a focus on top-20 metropolitan areas. Also backs construction. Flexible capital structure provides one-stop shopping for borrowers seeking higher leverage levels. Issues CLOs.

6,000 8,000 Size ($Mil.): 10-250+ Senior: L+225-400 bp Subord.: 8-10+% Max LTV: 90+% Term: 2-10+ years Rate type: Fixed/floating

BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


Loews Corp./Continental Casualty (CNA) Michael Cotler 212-521-2963 Brian Byrne 212-521-2965

Insurer originates senior loans on stabilized and transitional properties via brokers and correspondents. Lends in primary and secondary markets on office, multi-family, industrial, retail, mixed-use, self-storage and student housing properties. Selectively provides subordinate financing.

Size ($Mil.): 5-50 Max LTV: 75% Term: 3+ years Rate type: Fixed

M&G Investments Duncan Batty 44-782-452-1561 Isabelle Brennan 44-203-977-2402

U.K. investment manager provides senior and subordinate financing on major property types, plus mixed-use, student housing, senior housing, self-storage and health clubs. Also backs construction. Lends nationwide, but primarily focused outside the U.S.

$1,500+ $1,500+ Size ($Mil.): 50-1,000 Senior: L+175-450 bp Subord.: L+450-1,200+ bp Max LTV: 70+% Term: 3-10+ years Rate type: Fixed/floating

Mack Real Estate Credit Strategies Peter Sotoloff 212-484-0035 Kevin Cullinan 212-484-0031

Investment manager operates a REIT and funds. Originates senior, stretch and subordinate financing on transitional properties across the major asset classes in the top-20 metropolitan areas. Also finances specialty property types, land and construction. May issue CLOs.

5,000+ 5,000+ Size ($Mil.): 25-1,000 Senior: L+200-500 bp Subord.: L+500-1,000 bp Max LTV: 80-90% Term: 1-8 years Rate type: Fixed/floating

Madison Realty Capital Josh Zegen 646-442-4200

Fund operator originates senior and subordinate debt for the construction, acquisition and refinancing of properties across the country, focusing on special-situation and value-added transactions. Lends on major asset classes, plus land, mixed-use, student housing and self-storage.

2,000-2,500

2,500-3,000

Size ($Mil.): 5-500 Senior: 7-12% Subord.: 12-18% Max LTV: 80-90% Term: 1-5 years Rate type: Fixed/floating

Marathon Asset Management Joseph Griffin 212-500-3092

Investment manager provides senior bridge loans and subordinate financing on transitional properties nationwide. Scope includes acquisition, repositioning, refinancing and recapitalization of all major property types, as well as mixed-use, student housing, senior housing, self-storage and condominium inventory. Issues CLOs.

1,000 Size ($Mil.): 15-125 Senior: L+250-450 bp Subord.: 8-15% Max LTV: 80% Term: 1-5 years Rate type: Floating

Medalist Partners Brad Morgan William Goldsmith Sam Robinson 212-493-4477

Investment manager provides bridge financing through various vehicles. Lends on a mix of property types nationwide. Generally excludes ground-up construction. Offers flexible capital and structures.

100 200 Size ($Mil.): 3-15 Senior: 8+% Max LTV: 75% Term: 1-3 years Rate type: Fixed/floating

Melody Capital Eric Tanjeloff 212-583-8720

Investment manager writes stretch and subordinate bridge loans on transitional properties across major and specialty asset classes nationwide. Also actively finances construction and will selectively consider pre-development land loans.

500 Size ($Mil.): 20-100 Senior: L+400-600 bp Subord.: L+600-1,000 bp Max LTV: 80% Term: 1-5 years Rate type: Floating

Mesa West Capital Raphael Fishbach 212-871-8902 Steve Fried 310-806-6305

Investment manager operates funds and separate accounts. Originates senior and subordinate bridge financing for the acquisition, refinancing and recapitalization of properties nationwide. Lends across major asset classes and on senior housing and life-science properties.


MetLife Investment Management Mike Amoia 973-355-4502 Jim Brusco 973-355-4438

Investment-management arm of insurer originates senior, stretch and subordinate bridge financing on cash-flowing stabilized and transitional properties in primary and secondary markets. Lends on all major property types, plus mixed-use.


BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


MF1 Capital Jeff Taschler 212-301-1804 Michael Squires 212-301-1812

REIT, formed last year by Limekiln and Berkshire Residential, provides senior and subordinate bridge loans on multi-family properties nationwide, including student, senior, affordable and manufactured housing. Focuses on value-added and transitional properties, including those in initial lease-up and special situations. Emphasizes fast execution. May issue CLOs.

$1,500 $2,000 Size ($Mil.): 10-125 Senior: L+250-600 bp Subord.: 8-12% Max LTV: 80-85% Term: 1-5 years Rate type: Floating

MidCap Financial Andy McLay 443-770-4559 Ryan Hawley 678-247-5505

Finance company, managed by Apollo Capital, writes senior bridge loans on light-to-heavy transitional real estate nationwide, targeting experienced sponsors with local expertise. Backs all property types, including healthcare. Offers nonrecourse loans with unfunded reserves and will consider debt-service-coverage ratios under 1 to 1. Also provides subordinate financing.

600 600 Size ($Mil.): 5-40 Senior: L+350-500 bp Subord.: L+500-1,000 bp Max LTV: 85% Term: 1-5 years Rate type: Floating

Moinian Capital Jonathan Chassin 646-254-6326

Finance company provides senior and subordinate financing on all major property types, as well as land. Focus is on large markets including New York, South Florida, Los Angeles and Washington. Finances construction and pre-development.


Money360 Gary Bechtel 866-728-2604

Finance company with discretionary capital originates senior bridge loans on transitional properties nationwide. Emphasizes certainty of execution and timely closings. Scope includes office, retail, multi-family, industrial, mixed-use and other property types. Issues CLOs.

750 1,000 Size ($Mil.): 3-25 Max LTV: 75% Term: 1-3 years Rate type: Fixed/floating

Mosaic Real Estate Credit Ethan Penner 310-702-0135 Alex Ovalle 310-770-5020

Investment manager writes senior and subordinate bridge loans on all property types nationwide. Focuses on value-added and opportunistic plays, including land, pre-development and construction financing. May issue CLOs.

1,500 1,800 Size ($Mil.): 20-500 Max LTV: 70% Term: 1-5 years Rate type: Floating

Naftali Credit David Hochfelder 212-759-9777

Investment manager provides senior and subordinate debt on transitional properties in gateway cities. Concentrates on financing construction, value-added repositioning and lease-ups. Asset classes include land, office, retail, multi-family, hotel, mixed-use and condo inventory.


Northlight Capital Ben Gerig 646-452-9973 Chris DeStefano 917-749-0359

Investment manager provides senior and subordinate bridge financing for distressed assets and special situations. Operates funds and separate accounts. Lends on land, industrial, hotel and mixed-use properties, plus construction. Prefers to provide longer loan terms to provide time for turnarounds.

50 100 Size ($Mil.): 3-25 Senior: L+500-1,000 bp Subord.: 13-18% Max LTV: 75-85% Term: 2-5 years Rate type: Fixed/floating

Nuveen Real Estate Jason Hernandez 212-916-4955

Investment-management arm of TIAA operates funds and separate accounts. Originates bridge loans on transitional and value-added properties across the country. Lends on all major and specialty property types, including land. Also backs construction and provides subordinate financing.

1,500 2,000 Size ($Mil.): 50-400 Senior: L+225-350 bp Subord.: 5.5-8% Max LTV: 75-80% Term: 2-6 years Rate type: Fixed/floating

NYL Investments John Lippmann 212-576-6941 Timothy Monroe 972-867-6432

Investment-management arm of New York Life operates Madison Square Structured Debt Fund and separate accounts. Writes bridge loans nationwide on transitional and stabilized properties, as well as construction projects. Scope includes office, multi-family, industrial, mixed-use, self-storage and student housing.

1,000 1,000 Size ($Mil.): 50-250 Senior: L+250+ bp Subord.: 6+% Max LTV: 80% Term: 2-10+ years Rate type: Fixed/floating

BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


Oaktree Capital Justin Guichard 213-830-6363

Investment manager operates funds and separate accounts. Provides senior and subordinate financing on all major property types, as well as niche asset classes, land and construction. Lends nationwide, with an emphasis on the top-35 markets. Emphasizes speed of execution and specialized knowledge.

$1,500 $1,750 Size ($Mil.): 15-250 Senior: L+250-1,000 bp Subord.: L+550-1,000 bp Max LTV: 80% Term: 2-7 years Rate type: Fixed/floating

ORIX Real Estate Capital Trent Brooks 949-812-7963 John O’Toole 312-453-7709

Finance company formed by combination of Lancaster Pollard and Red Capital. Lends nationwide, via OREC Structured Finance, on multi-family, healthcare and student-, senior- and affordable-housing properties, as well as for construction. Bridge loans are intended to be refinanced with permanent financing from OREC and affiliates. Contributes loans to ORIX-sponsored CLOs.

250 300 Size ($Mil.): 5-50 Senior: L+300-650 bp Max LTV: 80-85% Term: 1-5 years Rate type: Floating

ORIX USA Ron Lawrie 214-237-2078

Finance company writes bridge, construction and subordinate loans through ORIX Real Estate Americas/ORIX RE Holdings. Targets acquisitions and refinancings of construction debt. Lends on multi-family, student housing, hotel, industrial and self-storage properties nationwide. Issues CLOs. Loans with 2-3 year terms can be added to existing CLO.


Oxford Properties Kevin Egan 212-986-6106 Varuth Suwankosai 646-376-3114

Real estate arm of Ontario Municipal Employees. Provides senior, stretch and subordinate financing on stabilized and transitional properties, construction and special situations. Lends in primary markets on various asset classes, including office, retail, multi-family, industrial and mixed-use.

1,500 1,500 Size ($Mil.): 50-1,000+ Senior: 6-12+% Max LTV: 80+% Term: 1-10 years Rate type: Fixed/floating

Pacific Life Insurance Keith Honig 949-219-4486

Insurer originates bridge loans for top sponsors in primary and secondary markets, focusing on high-quality transitional, pre-stabilized or stabilized properties. Finances major asset classes and some specialty classes. Selectively offers subordinate debt and longer-term construction-to-permanent loans.

350 600 Size ($Mil.): 30-200 Senior: L+185-400 bp Max LTV: 70-75% Term: 3-5 years Rate type: Fixed/floating

Paramount Group Kianna Kidd 212-237-3143

Investment manager provides senior and subordinate financing on office properties in New York, San Francisco and Washington.

400 450 Size ($Mil.): 15-500 Max LTV: 80% Term: 1-10 years Rate type: Fixed/floating

PCCP Brian Heafey 415-732-7548

Fund operator writes senior and subordinate loans on properties in need of lease-up and stabilization or repositioning, as well as for construction and to fund discounted payoffs. Lends nationwide on major property types, plus mixed-use.

3,000 3,250 Size ($Mil.): 35-350 Senior: L+200-375 bp Subord.: L+500-950 bp Max LTV: 75-85% Term: 3-7 years Rate type: Floating

Pearlmark Doug Lyons 312-499-1952

Investment manager operates funds and separate accounts. Finances all major asset classes, plus student housing and mixed-use, and funds construction. Lends nationwide, with a focus on top-25 markets. Offers senior and stretch debt, although main focus is subordinate financing.

100 200 Size ($Mil.): 5-50 Senior: L+275-475 bp Subord.: 8.5-12% Max LTV: 80-85% Term: 2-7 years Rate type: Fixed/floating

BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


Pembrook Capital Paul Mullaney 212-906-8685 Chris Simon 310-472-4031

Fund operator’s bridge-loan focus is affordable multi-family properties in primary and secondary markets. Also lends on office, retail and industrial real estate. Backs construction and provides subordinate financing.

$500 $500 Size ($Mil.): 5-75 Senior: L+300+ bp Max LTV: 85% Term: 1-10 years Rate type: Fixed/floating

Pennybacker Capital Alexander Zabik 212-335-0237

Investment manager provides senior and subordinate debt on all property types nationwide, including land. Focuses on transitional real estate, conversions, acquisitions, recapitalizations, condo inventory and selective development.

100 100 Size ($Mil.): 15-50 Senior: L+500-700 bp Subord.: 10-12% Max LTV: 75-85% Term: 2-5 years Rate type: Fixed/floating

Pensam Funding Ray Cleeman 786-879-8829 Peter Olesiewicz 786-879-8827

Investment manager writes high-leverage loans for recapitalizations, lease-ups, repositionings and other value-added strategies, as well as on stabilized properties. Targets multi-family, student-, senior- and manufactured-housing properties nationwide. Opportunistically considers office, retail, land and other sectors in South Florida. Also offers subordinate financing.

700 900 Size ($Mil.): 15-90 Senior: L+300-500 bp Subord.: 9-12% Max LTV: 88% Term: Up to 5 years Rate type: Floating

PGIM Real Estate Debt Strategies R.J. Richter 212-518-5518

Prudential’s investment-management arm originates senior and subordinate financing on stabilized and light-transitional properties in top-30 markets. Lends on major property types, plus mixed-use, self-storage, student and senior housing. Targets institutional-quality real estate with strong sponsors.

1,200 1,400 Size ($Mil.): 25-150 Senior: L+225-350+ bp Subord.: 6-12% Max LTV: 80-85% Term: 2-7 years Rate type: Fixed/floating

Pilot Real Estate Jordan Saper 203-813-3269 Beth Lipman 203-813-3580

Family office writes bridge loans via its River Rock Associates platform on all property types nationwide, including land. Focuses on construction, acquisitions and recapitalizations. Specializes in complicated, outside-the-box transactions, with an emphasis on speed. Also offers subordinate financing.


Pimco Jeffrey Thompson 212-597-1008 Ravi Anand 212-776-1622

Investment manager originates senior, stretch and subordinate financing through multiple investment vehicles. Lends on all major and specialty property types nationwide, including land. Scope includes value-added and transitional strategies, as well as construction.

3,000 Size ($Mil.): 100-1,000 Term: 2-7 years Rate type: Fixed/floating

PPM America Mark Kramer 312-634-1201 Tim May 312-834-5932

Investment manager originates senior, stretch and subordinate financing on stabilized and transitional properties in primary and secondary markets nationwide. Lends on major property types, plus mixed-use, self-storage, student housing and manufactured housing. Subsidiary of U.K.-based Prudential.


Prime Finance Jon Brayshaw 212-231-9071

Fund operator writes bridge loans nationwide on major property types plus manufactured housing, student housing, self-storage and mixed-use. Also provides subordinate financing. Issues CLOs.

2,000 2,000 Size ($Mil.): 10-100 Term: 2-7 years Rate type: Floating

BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


Principal Real Estate Investors Jason Franzen 515-362-1423 Bill May 515-247-0772

Investment-management arm of Principal Life writes bridge loans on cash-flowing assets nationwide, with a focus on the top-35 markets. Lends on office, retail, multi-family and industrial properties. Also provides construction loans and subordinate debt.

$400 $600 Size ($Mil.): 20-100 Senior: L+200-300 bp Subord.: L+400-600 bp Max LTV: 80% Term: 3-6 years Rate type: Floating

Procida Funding & Advisors Brian Foley 201-871-1177 Mike Coen 201-871-1177

Investment manager’s open-end 100 Mile Fund primarily writes bridge loans on value-added, distressed and opportunistic properties within 100 miles of New York City. Lends on all major and specialty property types, including land. Also backs construction and offers subordinate debt.


Quadrant Finance Partners Matt Welsh 214-855-2954 Hayden Lunsford 214-855-2956

Investment manager originates nonrecourse senior, stretch and subordinate loans on properties in primary, secondary and tertiary markets. Finances all major asset classes, plus mixed-use, self-storage and student housing. Focuses on properties with stabilized cashflow and light value-added strategies.


Quadrant Real Estate Advisors Tom Mattinson 770-752-6714

Investment manager lends on behalf of insurers, including AXA Equitable. Finances multi-family, industrial, office, mixed-use, retail, parking garage and student housing properties nationwide. No debt yield minimum on multi-family and industrial (minimum of 7% on others). Also backs construction.

1,000 1,000 Size ($Mil.): 20-100 Senior: 3.25-5% Max LTV: 75% Term: 3-5 years Rate type: Fixed

Ramsfield Hospitality Finance Adam Maisel 212-421-1488 Richard Mandel 212-750-1187

Investment manager focuses on hotels nationwide, including select-service, full-service and resort properties, both branded and independent. Offers senior, stretch and subordinate debt on stabilized and value-added hotels, as well as construction projects.


RCG Longview Richard Gorsky 212-356-9282 Gregory Stevens 212-356-9247

Investment manager, acquired this year by CenterSquare, writes bridge loans with flexible structures on transitional and value-added properties, typically in need of repositioning. Lends nationwide, providing senior and subordinate debt on all major asset types, plus mixed-use and student housing.

350 400 Size ($Mil.): 5-100+ Senior: L+450-700 bp Subord.: 9-13% Max LTV: 75-85% Term: 2-5 years Rate type: Fixed/floating

Ready Capital David Cohen 212-301-1883

REIT, managed by Waterfall Asset Management, writes short-term, nonrecourse senior and subordinate bridge loans on transitional and value-added assets nationwide. Finances all major and specialty property types, focusing on middle-market and institutional sponsors. Will lend over $35 million in some cases. Also backs construction. Issues CLOs.

600 750 Size ($Mil.): 3.5-35+ Senior: L+250-400 bp Max LTV: 85% Term: 2-5 years Rate type: Fixed/floating

Related Real Estate Debt Strategies Brian Sedrish 212-801-3910 Alfred Trivilino 212-801-1068

Debt platform of development giant Related Cos. focuses on bridge-to-stabilization, condo inventory loans and recapitalizations, as well as construction. Provides senior and subordinate financing nationwide. Asset classes include office, retail, multi-family, mixed-use, hotel, student housing and land.

1,000 1,200 Size ($Mil.): 30-250 Senior: L+450-600 bp Subord.: L+800-1,500 bp Max LTV: 65-85% Term: 3-7 years Rate type: Floating

BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


Revere Capital Clark Briner 214-945-4083

Middle-market lender originates senior bridge loans on all major and specialty property types nationwide, including land. Finances acquisitions, refinancings, note purchases and discounted payoffs.

$400 $600 Size ($Mil.): 3-30 Senior: 5+% Max LTV: 70% Term: Up to 5 years Rate type: Fixed/floating

Rialto Capital Joseph Bachkosky 212-751-5346 Josh Cromer 212-751-5323

Investment manager, a unit of Stone Point Capital, operates funds, separate accounts and a REIT. Originates senior and subordinate bridge financing on all property types nationwide, including land. Issues CLOs.

Size ($Mil.): 10-100 Term: 2-10 years Rate type: Fixed/floating

Roc Capital Ranajoy Sarkar 212-607-8350 Adam Gottfried 212-607-8383

Middle-market lender writes bridge loans nationwide on major asset classes, plus self-storage and mixed-use. Focuses on transitional multi-family properties needing renovation and/or lease-up. Will finance adaptive-reuse multi-family projects and build-to-suit retail construction.


Rockbridge Jordan Scheiman 614-750-1114 Tara Waldier 614-246-2425

Investment manager operates separate accounts and other vehicles. Provides financing throughout the capital stack on hotels nationwide, including both branded and independent properties. Also backs construction. Flexible on all aspects of a deal, including pricing, leverage and structure.

750 Size ($Mil.): 5-100 Term: 3-7 years Rate type: Fixed/floating

Romspen Investment Blake Cassidy 416-966-1100

Toronto fund shop writes bridge, construction and pre-development loans on transitional and stabilized properties in U.S. urban centers. Lends on major property types and niche classes including land. Also provides subordinate financing.

800 1,100 Size ($Mil.): 7-150 Max LTV: 75% Term: Up to 3 years Rate type: Fixed

RRA Capital Ty Vilhauer 602-715-2209 Marcus Goodwin 602-715-2208

Investment manager originates nonrecourse senior and subordinate bridge loans in primary, secondary and tertiary markets. Offers flexible prepayment terms with no cashflow or occupancy requirements. Lends on all major asset classes, plus mixed-use, self-storage, education, student housing, senior housing and manufactured housing.

150 200 Size ($Mil.): 2-15 Senior: L+300-600 bp Subord.: L+1,000-1,600 bp Max LTV: 80-85% Term: 1-5 years Rate type: Floating

Rubenstein Mortgage Capital Fred Harmeyer 212-542-5825 Andrew Murray 212-542-5826

Investment manager operates separate accounts and other vehicles. Writes senior bridge loans on highly-transitional office properties and ground-up construction projects nationwide. Also lends on land, industrial and mixed-use assets. No minimum cashflow or occupancy requirements.


S3 Capital Robert Schwartz 212-300-8800 Joshua Crane 212-300-8800

Subsidiary of Spruce Capital writes bridge loans in the New York metropolitan area on all major property types, plus mixed-use and land. Focuses on transitional and value-added real estate, repositionings and ground-up construction. Also offers subordinate financing.

750 850 Size ($Mil.): 1-250 Senior: 5-8% Subord.: 8-12% Max LTV: 70-80% Term: 1-4 years Rate type: Floating

Saperean Capital Andrew Smith 212-319-2942 Karen Kulvin 212-319-2112

Investment manager, a division of Kayne Anderson, operates funds and separate accounts. Originates senior bridge loans, construction loans and subordinate financing on senior housing, medical office, student housing, multi-family and self-storage properties nationwide.

1,500 2,500 Size ($Mil.): 25-1,000 Senior: L+250-500 bp Subord.: L+500-1,000 bp Max LTV: 85% Term: 2-7 years Rate type: Fixed/floating

Scale Lending Daniel Ridloff Martin Nussbaum 646-439-4000

Joint venture between Carlyle Group and Slate Property writes senior bridge loans on transitional apartment and residential condominium properties in the New York metropolitan area. Also finances mixed-use properties, land and construction projects.

500 500 Size ($Mil.): 50-300 Senior: L+500-1,000 bp Max LTV: 75% Term: 1-5 years Rate type: Floating

BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


SG Capital Roger Boone 203-355-6121 Spencer Del Prete 203-355-6132

Affiliate of Shelter Growth Capital provides senior and subordinate financing on all major property types and various specialty types. Lends nationwide, with an emphasis on primary and secondary markets. Also backs construction. Issues CLOs.

$1,500 $2,000 Size ($Mil.): 10-250 Senior: L+275-525 bp Subord.: L+450-1,000 bp Max LTV: 85% Term: 1-5 years Rate type: Fixed/floating

Silverstein Capital Michael May 212-313-4671 Jason Kaufman 212-551-7347

REIT, a joint venture led by Silverstein Properties, provides senior and subordinate loans nationwide. Focuses on ground-up construction, heavy value-added repositioning, land and condo-inventory loans. Will lend on all property types, but targets office, industrial, residential and retail real estate. No maximum financing size.

750 1,000 Size ($Mil.): 25-2,000+ Senior: L+400-2,000 bp Subord.: L+500-2,000 bp Max LTV: 85% Term: 1-5 years Rate type: Fixed/floating

SL Green Realty David Schonbraun 212-216-1602 Robert Schiffer 212-216-1650

REIT provides bridge financing on office, retail, multi-family and mixed-used properties in New York City. Also lends on land and backs construction. Ability to offer senior, stretch and subordinate debt.

Size ($Mil.): 10-1,000 Rate type: Fixed/floating

Sound Point Capital Matthew Donnelly 212-468-5780

Investment manager operates separate accounts and other vehicles and sub-advises a REIT, InPoint Commercial Real Estate Income. Originates bridge loans throughout the country on all major and specialty property types, including land. May issue CLOs.

500 1,000 Size ($Mil.): 10-50 Senior: L+275-425 bp Subord.: L+750-1,000 bp Max LTV: 80-85% Term: 1-5 years Rate type: Floating

Square Mile Capital Michael Lavipour 212-616-1572 Jeff Fastov 212-616-1578

Investment manager, an affiliate of USAA Real Estate, operates funds and separate accounts. Targets high-quality properties of all types, including land, in all major markets. Provides senior and subordinate bridge financing with a focus on stabilized and value-added properties as well as development projects.


Starwood Property Dennis Schuh 203-485-5108

REIT, an affiliate of Starwood Capital, originates senior and subordinate bridge financing on all property types nationwide, including land. Also backs construction. Issues CLOs.

6,000 6,500 Size ($Mil.): Up to 500+ Max LTV: 80% Term: Up to 7 years Rate type: Fixed/floating

Stonehill Michael Harper 404-953-4959 Brent LeBlanc 713-666-2544

Fund operator, a unit of Peachtree Hotel Group, provides senior bridge loans, construction loans and subordinate financing on hotels nationwide, with a focus on those with premium brands, such as Hilton, Marriott, Hyatt and IHG. Also offers CPACE loans for energy-efficiency-related projects.

450 500 Size ($Mil.): 5-50 Senior: 5.5-9% Subord.: 10-14% Max LTV: 80+% Term: 2-5 years Rate type: Fixed/floating

Terra Capital Dan Cooperman 212-753-5100

Finance company provides bridge financing throughout the capital stack with a focus on value-added properties and ground-up construction. Lends nationwide on all major property types, as well as student housing, self-storage, mixed-use, senior housing and manufactured housing.


Thorofare Capital Kevin Miller 213-873-4001 Felix Gutnikov 213-873-4007

Investment manager lends nationwide via joint ventures and other vehicles. Finances core-plus, value-added and opportunistic properties of all types, including land, healthcare, data-center and condo inventory. Offers customized structures and has ability to close within four business days.


BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


Tilden Park Capital David Busker 646-518-9017 Andrew Konstas 646-480-5386

Investment manager provides bridge loans throughout the country on all major property types, as well as mixed-use and affordable housing. Also offers subordinate debt.


Timbercreek Real Estate Finance Bradley Trotter 203-293-5447 Patrick Maroney 646-274-1370

Investment manager operates separate accounts and other vehicles. Lends on value-added properties in all major and specialty asset classes nationwide. Ability to move quickly with flexible sizes, terms and structures. Also provides subordinate debt.

$500 $600 Size ($Mil.): 10-75 Senior: L+325-400 bp Subord.: L+500-900 bp Max LTV: 75-85% Term: 1-7 years Rate type: Floating

Torchlight Investors Mike Butz 212-488-5616

Investment manager operates funds and separate accounts. Originates bridge loans on major property types nationwide, as well as mixed-use, self-storage and student housing. Focuses on high-leverage stretch and subordinate loans for value-added and opportunistic acquisitions and recapitalizations.

800+ 800+ Size ($Mil.): 50-150 Senior: L+300-500 bp Subord.: 10-14% Max LTV: 75-90% Term: 2-5 years Rate type: Floating

TPG Real Estate Finance Peter Smith 212-430-4129

REIT originates bridge loans on medium-to-heavy transitional properties in the top-25 markets. Emphasizes flexibility and responsive asset management/servicing. Lends on all major asset classes, plus land, mixed-use and lab/life science. Also offers subordinate debt and backs construction. Issues CLOs.

2,500+ 3,000+ Size ($Mil.): 50-350 Senior: L+240-400 bp Subord.: 8-12% Max LTV: 80-85% Term: 5-7 years Rate type: Floating

Tremont Realty David Ross 617-658-0759 Tom Lorenzini 312-236-0960

Operates REIT that writes senior bridge loans on middle-market properties in primary and secondary markets, with a focus on transitional and value-added business plans. Lends on all major property types, plus mixed-use, student housing, self-storage and senior housing.


Trevian Capital Michael Hoffenberg 212-376-5636 Charlie Zabriskie 212-376-5631

Investment manager writes senior bridge loans nationwide. Finances all property types, focusing on time sensitive deals, distressed sponsors, value-added strategies, special situations and construction completion. Offers lower coupon rates for value-added and transitional multi-family assets.

300 400 Size ($Mil.): 2-200 Senior: 5-10% Max LTV: 80% Term: 1-5 years Rate type: Floating

Trez Forman Capital Brett Forman 561-588-0132, ext. 1018

Investment manager provides senior and subordinate financing on ground-up and horizontal infrastructure construction, as well as bridge loans for completed developments. Lends nationwide on all major property types, plus land, mixed-use and student housing.

600 800 Size ($Mil.): 5-100+ Senior: L+500-700 bp Subord.: L+800-1,300 bp Max LTV: 75-85% Term: 1-3+ years Rate type: Floating

Turnbridge Real Estate Credit Strategies Scott Cohen 646-450-7853

Investment manager writes senior and subordinate bridge loans on transitional properties in major metropolitan markets nationwide. Financings include acquisition, construction, renovation and stabilization. Lends on all major property types, plus land, mixed-use, self-storage and student housing.

30 40 Size ($Mil.): 3-20 Senior: L+400-800 bp Subord.: L+900-1,300 bp Max LTV: 85% Term: 1.5-5 years Rate type: Fixed/floating

UC Funds Joe Ambrose 857-288-2819 Dom Manago 857-288-2811

Finance company originates bridge loans nationally on all major and specialty asset types, including land. Also finances construction and adaptive-reuse projects. Provides subordinate financing as well.

500 1,000 Size ($Mil.): 5-100 Senior: L+275-695 bp Subord.: L+695-995 bp Max LTV: 90-95% Term: 1-5 years Rate type: Floating

BRIDGE LENDERS





Proj. 2019

($Mil.)

Proj. 2020


Varde Partners Alek Roomet 212-321-3790 Jon Miller 952-374-5166

Fund operator writes bridge loans on transitional, value-added and event-driven properties throughout the country. Finances all major asset classes, plus mixed-use, student housing, senior housing and self-storage. Also provides subordinate financing and backs construction. Issues CLOs.

$850 $1,200 Size ($Mil.): 15-100 Senior: L+250+ bp Max LTV: 85% Term: 2-5 years Rate type: Floating

Voya Investment Stefanie Stewart 770-690-4877 Dan Siegenthaler 770-690-4652

Investment-management arm of Voya Financial mainly invests for its parent and other insurers. Writes bridge loans nationwide, focusing on light-transitional, cash-flowing assets. Finances all major property types, as well as mixed-use, self-storage and manufactured housing. Also backs construction.


W Financial Gregg Winter 212-532-9170 David Heiden 212-684-8484

Investment manager writes senior bridge loans nationwide on all major property types, plus mixed-use, self-storage and land. Also finances condominium inventory loans, property assemblages and partner buyouts. Specializes in providing certainty of execution for complex and time-sensitive deals.

275 325 Size ($Mil.): 1-75 Senior: 7-9% Max LTV: 75% Term: 1-5 years Rate type: Floating

Walker & Dunlop Geoff Smith 646-438-7715 Sandor Biderman 301-215-5597

Originates senior and subordinate bridge financing nationwide on stabilized and value-added properties of all types, including healthcare real estate and land. Has focus on lease-up and repositioning multi-family and senior-, student- and manufactured-housing properties.

1,350 1,750 Size ($Mil.): 10-250 Senior: 4.5-12% Max LTV: 95% Term: 1-5 years Rate type: Fixed/floating

Walton Street Capital Rich Ratke 312-915-2904

Investment manager operates funds and separate accounts. Provides senior and subordinate loans secured by income-producing properties and portfolios in major markets throughout the country. Lends on all major asset classes, as well as mixed-use.

1,000 1,750 Size ($Mil.): 50-500 Senior: L+130-390 bp Subord.: L+400-1,200 bp Max LTV: 60-75% Term: 2-5 years Rate type: Fixed/floating

West Bay Capital Kevin Prince 310-231-1270, ext. 275 James McCann 310-231-1270, ext. 232

Investment manager originates short-term bridge loans nationwide on all asset classes, with a focus on retail properties. Also finances land and backs construction. Able to lend anywhere in the capital stack.


Winthrop-Witkoff Brett Mufson 212-672-4730 Samuel Ashner 516-822-0022

Joint venture between Winthrop Capital and Witkoff Group provides senior loans and subordinate financing on office, retail, multi-family and hotel properties, as well as land, in primary markets nationwide. Focuses on transitional properties, special situations and condo inventory.

Size ($Mil.): 10-75+ Max LTV: 85+% Term: 1-5 years Rate type: Fixed/floating

YAM Capital Ryan Muranaka 480-387-5663 Mike Marmis 480-696-4805

Lending shop, formed by entrepreneur and GoDaddy founder Bob Parsons, writes senior bridge loans on all major property types, plus mixed-use, self-storage, student housing and select others. Promises speed and certainty of execution.

500 500 Size ($Mil.): 2-100 Senior: 7-12% Max LTV: 85% Term: Up to 3 years Rate type: Fixed

BRIDGE LENDERS

FREE TRIAL COUPON

R YES! Start my 3-issue free trial subscription to Commercial Mortgage Alert. There are no strings attached: You won’t receive an invoice unless you choose to subscribe.

DELIVERY (check one): q E-mail q Mail

DELIVERY ADDRESS:Name:Company:Address:

City/State/Zip:Country:Phone:E-mail:

To start your free trial, click here. Or phone 201-659-1700.You can also fax this order form to: 201-659-4141.

11/08/19

https://www.cmalert.com/freetrial.pl?utm_source=FreeTrialPDF&utm_medium=PDF&utm_campaign=FreeTrial1

Documents

Commercial Mortgage Alert€¦ · Bridge Loan Characteristics Arena Investors Don Moses 415-888-3852 Andrew Rafkin 212-655-1351 Investment manager provides senior and subordinate