Commercial Real Estate Debt

We generally favor industrial properties with the following characteristics:

• Less than 20% office finish
• Characteristics typical of the sub-market
• Effective age of 20 years or less unless strategically located

We generally favor office properties with the following characteristics:

• Class A- to B+ in quality
• Top tier markets
• Top assets in secondary locations

We generally favor hotel properties with the following characteristics:

• Stabilized and transitional assets with strong operators
• Flagged or unflagged from resort to boutique
• Focus on markets with barriers to entry
• Diverse portfolios

We generally favor multifamily properties with the following characteristics:

• Class A to B in quality
• Effective age of 15 years or less
• Value proposition in older, well-located assets
• Modern amenities

We generally favor retail properties with the following characteristics:

• Defensive approach
• Grocery-, discount-, drugstore- or home improvement-anchored established power centers with multiple anchors
• Strong tenant sales trends

We generally favor properties with the following characteristics:

• Manufactured housing – age restricted/high quality/multi-sectional homes
•  Mixed-use
• Student housing