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Joining a Private Debt shop from vanilla LevFin. Any resources for learning the basics of mezz/pref/subdebt?
I'm starting a new role at a credit shop that is focused on lending up and down the cap structure. My read is they do everything from unitranche down to mezz, pref, and equity coinvests. I'll be joining from a bank's LevFin team where I really only worked on more vanilla stuff like 1L term loans,...
Looming Liquidity Crisis?
Each quarter I see increased late cycle behavior in the real estate world. From vast amounts of SFR home flipping at an institutional level (see Door/Zillow/Redfin) to development sponsors needing to farm out their 10% equity pieces due to insufficient cash at the operations level plus the...
Pros/Cons - Mezzanine Debt vs. Preferred Equity
Let's say you are an investor looking at an opportunity to capitalize either mezzanine debt or preferred equity to fund the development of an apartment building which will cost $100m. 65% construction loan, 15% mezz/pref, 20% common equity. Whether you choose to capitalize preferred equity or...
Underwriting Stabilization Deal
I wanted to know how you guys would structure the following deal: Class B Multifamily Needs capital Occupancy was 85% 5 years ago Current Occupancy is 60% in a market like Phoenix (lots of supply, lots of land, but also decent amount of demand) Drop of occupancy primarily due to new construction or...
Participating Preferred
Anyone know PE , Mezz or Unitranche lenders that use this as a key strategy for its portfolio? I realize it isn't a great option for most targets seeking funding, but just curious if the investment structure has any traction or frequency.
How is PE mezz financing? Salary? Workload?
Just curious, I don't really hear a lot about mezz financing from PE here.
Need Real Small Time Mezz Fund
Hi guys. I'm trying to put a real small deal together for my own portfolio. $2.1MM deal, with $700k of equity lined up and senior debt commitment of $800k. Need an additional $600k. For timing purposes I think I need a debt fund to come in here. Does anyone know a mezz fund that would play in this...
Balance Sheet Mechanics of Issuing Debt and Warrants
What are the balance sheet mechanics for issuing debt and warrants both at the time of issuance and at when the warrants are exercised? Lets use for example $10m debt, 100% warrant coverage for a private company worth $50m at time of issuance and $100m at exercise a few years later.
Junior Capital
First time poster. I have two questions. Can someone direct me towards a few recruiting firms that specialize in jobs at credit opportunities / junior capital funds? I am looking for a job at a mezzanine or other junior capital firm that invest in middle market companies....lots of due diligence,...
Mezzanine Funds / Solar Capital
Hey - How do the people on this forum think about Mezzanine funds (i.e. the guys who put in junior debt capital alongside sponsors in private equity deals, but also in other situations)? I am looking for anybody that works there or works with these types of funds to talk about what exactly they have...
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