Mezzanine financing is a form of debt positioned between senior debt (the first mortgage) and equity in a deal's capital structure.
Log in to followA sponsor I've been tracking is syndicating a $3.1M mezz piece behind a $9.8M senior on a grocery anchored strip in a secondary market. Minimum is $250k and I'd be taking one unit…
I've been underwriting a $4.5M gap on an office to residential conversion for six weeks and the sponsor has offered me two ways in. Either a mezz position at 12.5% current, 1 poin…
I'm doing the analyst work on a $32M refinance for a small sponsor and the mezz piece is where I'm stuck. Senior is quoted at 58% of value, mezz takes it to 76%, coupon 12.75% wit…
A client of mine described a deal as "senior at 60, mezz to 78, then equity" and I nodded like I understood. I get that it's layers. What I don't get is what the layers actually m…
Five properties, 118 units total, all small multifamily in one metro. Blended maturing rate is 4.1%, new senior quote is 6.6% at 60% of appraised value. That leaves a $2.4M hole a…