Prima Capital Advisors LLC has complete investment discretion to invest in commercial mortgage whole loans, commercial mortgage-backed securities, ‘B’-notes, Mezzanine notes, bonds, and preferred shares issued by investment grade rated real estate investment trusts, and generally conform to the following:
Loan Size: $ 5 - 75 million
Property Types: Anchored retail (preference for grocery anchored centers - no outlets), office buildings, industrial (bulk warehouse) and multifamily.
Location: Primary and secondary markets in the U.S.
Loan to Value: Maximum 75%, target 50-60%
Debt Service Coverage: Minimum 1.25X - target 1.4X to 1.75X
Prepayment: Combination of lock-outs and defeasance
Maturities: 5 - 20 years (we strongly prefer 5-10 year deals but will go longer for an acceptable premium)
Rates: Generally, fixed rate only - competitive market spreads/yields subject to prevailing market conditions.
Prima also represents a pension client for which it does not possess complete investment discretion. This client has investment parameters similar to those found for our discretionary clients, however, this client is seeking whole loans in the $25-100 million size range.