Achon Capital
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Investment Criteria

  • Experienced, financially capable sponsorship
  • Significant cash and/or imputed equity from the sponsor
  • Reasonable lender control provisions
  • Appropriate, sustainable capital structure
  • Preferred real estate property types:
    · Multifamily
    · Office
    · Lodging
    · Gaming
    · Regional & Community Retail
    · Land
    · Other property types on a case-by-case basis

Mezzanine Venture

Sponsors / Investors

Goldman, Sachs & Co.

Investment Size

$10 million minimum; no maximum

Targeted Loan-to-Value

50% to 90%

Commitment Fee

Approximately 1%

Base Pay Rate

350 to 900 bps over 30-day LIBOR

Floor on 30-day LIBOR

Required

Investment Term

36 to 84 months

Call Protection

18 to 24 months

Minimum DSCR at Cap

1.20:1

Recourse

Non-recourse, except for standard carve-outs for “bad acts” including bankruptcy.

 
Archon Group, L.P.   Copyright, Archon Capital 2008.