Mais conteúdo relacionado
Semelhante a Jeffrey bijur, Building Capital Stacks in Today's Market (20)
Jeffrey bijur, Building Capital Stacks in Today's Market
- 5. One That Didn t Work
• Denver, CO high-rise apartment
development
• Large deal size - $80M
• 65% construction loan
- 6. Didn t Work (cont.)
• 35% equity
• Option to add mezz financing up to
85% of the capital stack
• Top of the market proforma rents
- 8. Denver, CO High Rise Apartment
Development
• Total capitalization - $80M
• 65% LTV construction loan due to size ($52M)
• Equity amount – $28M
• 3.25% debt interest rate w/o mezz (65% LTV)
• 5.77% blended interest rate w/mezz (85% LTV)
- 9. Denver, CO High Rise Apartment
Development (cont.)
• Equity Multiple – 1.71 w/o mezz, 2.04 w/mezz
• Levered IRR – 17% w/o mezz, 22% w/mezz
• Yield on cost – 7.25% in either scenario
• Investor required return – 2.0 equity multiple,
20% IRR
- 10. One That Worked
• Single Tenant Triple Net Retail
Portfolio
• Acquired in a DST structure
- 11. One That Worked (cont.)
• 50% LTC CMBS permanent debt
• 50% bridge equity
• Approximately 2/3 investment grade,
1/3 sub-investment grade
- 13. Retail Portfolio ‒ DST Structure
• Blended acquisition cap rate – 6.72%
• Closing costs – 3%
• Fees/syndication expenses – 10%
- 14. Retail Portfolio ‒ DST Structure
(cont.)
• Bridge equity funded at closing –
2.5%
• Interest rate on debt – 5%
• Levered return to investors – 6%