We are sponsoring and leading a $12MM preferred equity invesmtent to capitalize a best-in-class operator and developer with 57 years or experience and track record to construct a 252-unit Class-A apartment complex in the dynamic Southeastern growth market of Greenville, SC. 

Preferred equity placements are part of our core business that we've been deploying for more than 15 years.  The Project is located in a premier submarket of Greenville where we will have tremendous basis insulation from sponsor equity that sits subordinate to our investment and return.  Very favorable fixed rate construction financing is being provided by a top tier life insurance company which provides for positive development leverage, which is difficult to achieve in today's environment.  The location is first-to-fill and the sponsor spent over three-years on the entitlement process.  Construction will commence immediately upon closing with our preferred equity investment receiving immediate current payments for quarterly distributions during the development period.  The anticipated hold period is 4-years.  We have a relatively small allocation remaining that will be first-come, first-served as one of our partner families had an unexpected event unrelated to this transaction that precluded them from particpating.  If you have capital seeking a compelling risk-adjusted cash yield please reach out to discuss further.  Please keep the presentation confidential and internal to your organization.