CAPITAL STRUCTURE: BRIDGE LOAN

Specialty asset bridge, construction and mezzanine debt
CAPITAL STRUCTURE: BRIDGE LOAN, CONSTRUCTION LOAN, MEZZANINE DEBT
Newly formed finance arm of private equity vehicle seeking to deploy capital for senior housing, medical offices, student/multifamily housing, self-storage.
Check size: $10 - $500MM
LTV: Up to 85% LTV/LTC
Rates: Spreads to LIBOR of 2.5% - 5.5% (first mortgage) or 6.0% - 10.0% (mezzanine/preferred equity)
Term: Up to 7 years
Amortization: Typically interest only
Property type: Senior Housing, Medical Office, Student/Multifamily Housing, Self-Storage
Uses: Development, Acquisitions, Recapitalization
Geography: Nationwide Fees: Up to 2.0%
Fixed Rate, Non-recourse institutional bridge loan program 
CAPITAL STRUCTURE: BRIDGE LOAN
A New York-based investment manager is funding hybrid bridge loans that start out fixed-rate for the first two years. DSCR can be lower than one with reserves and structure.
Check size: $10-$35MM
LTV: Up to 75% loan to cost
Rate: 5.5% fixed for two years with two one-year extensions at 350 over 30-day LIBOR
Term: 2-4 years with extension options
Property type: Multifamily
Uses: Acquisitions, recapitalization, value add CAPEX repositioning, transitional assets
Geography: Nationwide
Non-recourse, institutional bridge loan program
CAPITAL STRUCTURE: BRIDGE LOAN
A West Coast fund manager has rolled out a cheaper version of its national bridge loan program targeting higher quality assets with some in-place cash flow.

Check size: $10-$40MM
LTV: The lesser of 80-85% as-is value or 70-75% of as-stabilized value
Rate: 375-550 over 30-day LIBOR
Term: 2-4 years, up to 5 with extension options
Property type: Multifamily, Industrial, Office, Retail, Student Housing, Hospitality, Self Storage
Uses: Acquisitions, recapitalization, value-add CAPEX repositioning, transitional assets
Geography: Nationwide
Permanent, bridge and mezzanine loans and preferred equity targeting hotels 
CAPITAL STRUCTURE: PERMANENT LOAN, BRIDGE LOAN, MEZZANINE LOAN and PREFERRED EQUITY
Hotel specialist providing various debt and equity products for select and limited service premium branded assets.

Check size: $5-$100MM for bridge and permanent loans, $1-$10MM for mezzanine and preferred equity
LTV: Up to 85% on bridge and mezzanine, up to 95% on preferred equity
Rate: Starting at 4.5% for senior debt and starting at 12%/13% with potential equity kickers for structured capital
Term: Bridge 2-5 years, mezzanine matched to senior and preferred equity up to 5 years
Property type: Hospitality-only uses, Acquisitions, Recapitalization, Construction Takeout, PIP/Renovation Financing, and Gap Financing
Geography: Nationwide