Private Credit
Contractual Yield, Senior in the Capital Stack
Structured lending strategies secured by multifamily real estate, positioned ahead of equity in the capital stack and priced for consistent, collateral-backed income.
Yield Generation
How Private Credit Generates Yield
Yield is generated through a contractual coupon on structured loans, rather than through property appreciation or rental growth. Interest is paid on a defined schedule for as long as the loan is outstanding.
Many structures use a floating rate that resets with benchmark rates, so the yield can adjust with the broader rate environment rather than staying fixed for the life of the loan.
Downside Positioning
How Private Credit Manages Downside Risk
Downside protection comes from where a loan sits in the capital stack and what secures it, not from the return it targets.
Collateral Basis
x
Pirority in Capital Stack
x
Cash flow basis
x
Structured Investments
How Private Credit Investments Are Structured
Private credit is not a single instrument. It spans senior loans, mezzanine debt, and preferred equity, each carrying a different position in the capital stack and a different risk-adjusted return profile.
Every structure is underwritten against the specific asset, market, and sponsor, with covenants, reserves, and repayment terms set to match the property’s cash flow and business plan.
Underwriting Focus
What Every Structure Defines
Loan-to-value at origination, debt yield and coverage thresholds, reserve requirements, and the sponsor’s track record and co-investment in the deal.
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