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Mezzanine Financing

WCG provides mezzanine financing collateralized by either a direct lien on the underlying real estate or a lien on the ownership interests in the real estate. Loans range from $1 million to $100 million and are typically for a term of up to 10 years. WCG’s mezzanine programs are very flexible and are used to bridge the gap between traditional debt financing and sponsor equity in a project. Repayment can be structured from interest only or fully amortizing. WCG’s mezzanine program can be used by owner/operators to complete new acquisitions, refinance existing properties, finance build-to-suit developments, acquire equity interests of limited partners in existing partnerships, finance tenant improvements and to develop commercial projects which are positioned to produce income within a reasonable period of time.

Program Parameters

Eligible Locations:
Nationwide and some International

Property Types:
Majority of property types including but not limited to Office, Retail, Industrial, Multi-Family, Hotel, Self-Storage, Mixed-Use and Mobile Home Parks.

Loan Amount:
$500,000 to $100,000,000

Loan Term:
Up to 5 year term

Typically Interest Only*

Loan to Value/Cost:
Up to 90% of Appraised Value or Cost*

Minimum DSCR:

Origination Fee:
Typically 2% – 4% of Loan Amount

Expense Deposit:
Amount sufficient to cover third party reports.  May vary according to transaction.

Creditworthy individual(s) or entity with sufficient liquidity and net worth.

Both recourse and non-recourse options available.  Non-recourse transactions will potentially include the exception of industry standard “bad boy” carve outs.

Permitted subject to approval and an assumption fee

Determined on a case-by-case basis

Typical Uses: Acquisitions, Pre-Development, Construction, Recapitalization, Refinancing, Liquidity Management, Asset/Liability Management, Gap Financing

  • May be structured as preferred equity and LTV/LTC can increase up to 95%