Orix USA
anyone know anything about Orix USA? What’s their reputation like? What’s it like working there? Any info would be appreciated.
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Depends, they post job ads for multiple subsidiaries as ORIX. They seem to be most active in HUD lending and other affordable housing finance services like tax credit syndication via Boston Financial.
I’m looking at a position in Orix Real Estate Capital (OREC). They seem to have pretty strong deal flow from what I can tell.
They mostly focus on middle markets bridge lender with a specialty in MF (although they do all property types). Reputation is generally good but they do not have the cheapest pricing (L+400+) so they compete with Midcap, LaSalle, Money360, Terracotta, Thorofare etc.
Edit: I briefly blanked on the fact that they also do ground-up which the other guys don't.
Any idea what exit opps look like for this role? Is REPE a poasibility?
Exit ops would most likely involve either going to D/E brokerage or to another debt side role. REPE can be defined in many different ways to include both debt side and the equity side of the business. Technically OREC is a debt fund so I would personally consider them REPE. However, I think that the skill set earned at ORIX would probably leave a lot of holes if you are looking to transition into the equity side of the business. While you would learn value-add, elements of construction and various markets/fundamentals, you would come out lacking full understanding when it comes to development and structuring the equity side of the business (waterfalls etc.).
If you are interested in doing JVs in the future, the best path would be to lateral to a larger shop with an equity team and then lateral your way onto the equity team (ex. ORIX Analyst-> NYL debt associate -> NYL equity associate).
At L+400 pricing, are they doing 80-85% LTC lending? Really small loans?
I believe that they will do up to 80% and they typically play in the $10-$50MM range (although one of my clients just closed a $6MM deal with them). Construction money is closer to L+600.
What does L+400% or L+600% mean?
LIBOR + 400 bps?
I believe they are referring to the firms’ pricing being based on the LIBOR or London Interbank Offered Rate. Many banks and shops like ORIX will use the whatever the libor is at + 400 basis points on loans they offer.
Would that typically be for a mezz piece or the total debt stack? I can't imagine many sponsors find L+600 attractive for a construction loan.
Total debt stack. Honestly most debt funds are in that range or higher on construction loans. For example: Parkview, Madison Realty, 3650, Mosaic etc.
Any other technical figures RE debt shops use that one should know before interviewing?
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