opened thedoors

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Llenrock Realty Partners will offer bridge debt capital in the$3-million to $30-million range to developers in North American andthe Caribbean. All asset types can be underwriting from theplatform. Structures include interest only, interest reserve,flexible pre-pay, and terms from six to 36 months.

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Joseph Cacciapaglia, director of investments at Llenrock, willbe heading the initiative. He has worked as a financial analyst forboth United Dominion Realty Trust and Brandywine Realty Trust, andas an associate at BlueStone Real Estate Capital.

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The fund is partially capitalized by a partner company, whomAndrew Benioff, founder and senior managing partner of LlenrockGroup, declines to name. However, he tells GlobeSt.com that thefirm expects to provide $100 million in bridge financing this year"and if we want to do more we could, quite comfortably." While theplatform's sweet spot is between $3 million to $30 million, beyondthat number, he adds, debt would probably become too expensive forthe firm to provide competitively. However Benioff says there isplenty of business to be done in this ballpark. Officiallyintroduced on Tuesday, the platform is already receiving inquiresand requests, he says.

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The introduction of the bridge debt platform rounds outLlenrock's services, Benioff notes. The firm came out of the gateoffering structured finance and brokerage services. "We now offer afull spectrum of capital products to developers."

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