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preferred equity
The tax could be up to 2.8% for New York City.
The firm, with its affiliate Dwight Mortgage Trust, will originate mezzanine debt and preferred equity on a wide swath of properties in the US.
Preferred equity investments are gaining momentum in a market where equity investors are looking for lower risk.
The national commercial real estate lender was part of a capital stack that includes Fannie Mae and Freddie Mac.
RREAF is a repeat borrower with 3650 REIT.
The firm has ambitious plans for its multifamily portfolio.
The Canadian investor sees preferred equity as a route to expand and diversify its $12bn residential portfolio amid a financing gap for developers.
The Canadian investor sees preferred equity as a route to expand and diversify its $12bn residential portfolio amid a financing gap for developers.