How to attract Real Estate JV Partners

I am looking for tips/ pointers on finding potential partners for JVs in the real estate space. I have reached out to a buddy law firm which specializes in drafting JV agreements. Whether that is an effective means is yet to be determined.

I guess my question is twofold in that what tweaks would I have to make to the capital structure , or balance sheet traits would have to exhibit, to seem more attractive to such co-investors.

Currently, the balance sheet already has a handful assets, but they have been financed through a simple capital structure of 70% cmbs/prime debt/30% owners equity. For this reason, obviously, the partner is preferably someone who has a history working on similar deals, and can provide intangible synergies and expertise that translates to the bottom line. I have experience with such deals through my day job, but obviously there is a conflict of interest interest if I use the same funds outside of work because we have very structured engagement rules.

The project sizes would be roughly $25-30MM and have near a 70% ltv. The Projected DSCRs at these levels are still closer to a 1.40. Pretty vanilla for the most part. Non-recourse cons. loan with capitalized interest flipped to a 10year I/O perm which is also non-rec. (We construct, and manage the assets in-house). Do firms generally look for lower ltvs when looking for such deals?

I don't think it would be bold to say that from a management perspective, we are excellent (lowest performing asset is 26% CoC return last year). Above average satisfaction scores and healthy operating metrics.

Where to start fellow monkeys? I am sure there may be details you would need to provide better guidance. Please feel obliged to ask.

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