The fund specializes in mezzanine financing for multifamily properties statewide. "Capri's strategy is to partner with experienced investors and developers engaged in the acquisition and renovation of multifamily housing in California infill markets," says Ken West, Capri Capital's vice president. While the Capri Urban Capital program is emphasizing projects in need of rehabilitation, it will also consider mezzanine investments in stabilized projects and new development opportunities, West adds.
The program is considering mezzanine loans ranging in size from $1 million to $10 million. Each mezzanine loan can be secured by a second mortgage, assignment of ownership interest or preferred equity investment in the ownership. The investment terms vary from one to seven years, while targeted returns range from the low to mid-teens.
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