Carroll Credit - Distressed Pref Equity

Per the above, Carroll Org looks to be rolling out a $250 million pref equity platform.  Does anyone here have a sense of the general terms of their platform? 

“The new venture, called Carroll Credit, will target both development projects and stabilized properties, mainly in Sun Belt markets. It plans to invest some $250 million of rescue capital over the next 12 months or so to help cash-strapped owners of apartment properties restructure or pay down debt, cover operating shortfalls, complete projects or fill financing gaps. The preferred-equity business is launching as a separate entity, but it will leverage CARROLL’s operating platform to manage the properties in which it invests. The return goal is expected to be in the mid- to high teens.”

“The plan is ‘to underwrite properties we’re comfortable owning,’ said chief executive Patrick Carroll, who founded his eponymous firm in Atlanta in 2004. ‘Hopefully, [the owner] can continue to pay the note, but if not, we’re in a good position with our operating platform to take over the property.’ ”