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Dekel Correspondent Lending

Dekel Correspondent Lending (DCL) focuses on the origination of loans for commercial real estate acquisitions, refinances, and recapitalizations. Through our capital partnerships, we provide borrowers with short-term, floating-rate capital and long-term, fixed rate capital for acquisitions and recapitalizations of existing assets. As the real estate market evolves and becomes more competitive, DCL seeks to capitalize on situations wherein financing proves complex or limited and the underlying dynamics present a unique situation for both our borrowers and our partners. We leverage institutional capital partnerships, decades of experience, and flexibility to execute quickly across projects.

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Product offerings

Through our correspondent lending programs, we offer a variety of non-recourse loans $5 million and larger on all property types including single-family to rent, multifamily, industrial, self-storage, mobile home, office, retail, and mixed-use properties in all markets across the United States. We provide the creativity and ability to structure the entire capital stack of commercial real estate debt including senior notes, B-notes, mezzanine notes, and preferred equity.

FIXED-RATE BALANCE SHEET

Minimum Loan Size $20,000,000

Term 5, 7, and 10 Years

Asset Types Class A Multifamily, Industrial, Self-Storage

Max LTV 67.5%

Amortization Amortization and Full-Term IO

Prepayment Flexible Pre-Pay (Step-Down, Open Period), Yield Maintenance

FIXED-RATE CMBS

Minimum Loan Size $5,000,000

Term 5, 7, and 10 Years

Asset Types Multifamily, Industrial, MHC/RV, Hospitality, Retail, Office, Self-Storage

Max LTV 70%

Amortization Amortization and Full-Term IO

Prepayment Yield Maintenance, Defeasance

FLOATING-RATE VALUE-ADD/CONSTRUCTION

Minimum Loan Size $35,000,000

Term 2-5 Years

Asset Types Multifamily, SFR, Industrial, Hospitality, Retail, Office, Self-Storage

Max LTV 70%-75%

Amortization Full-Term IO

Prepayment Yield Maintenance

SFR AND BFR (FIXED-RATE)

Minimum Loan Size $5,000,000

Term 5, 7, and 10 Years

Asset Types SFR, BFR

Max LTV 70.0%

Amortization Amortization and Full-Term IO

Prepayment Flexible Pre-Pay (Step-Down, Open Period), Yield Maintenance

Recent Transactions

CMBS Refinance of Fractured Condos


Dekel Correspondent Lending, in conjunction with our capital partner BMO, was able to accomplish the recapitalization of a fractured-condominium asset in which the borrower did not control the HOA. Although this presented challenges, we were able to structure a creative solution to successfully close on the transaction. The deal was sourced through Newmark’s Los Angeles office.

PURPOSE Recapitalization

ASSET TYPE Condominiums

UNITS 133

LOAN AMOUNT $13,000,000

LOAN TO VALUE 65%

UTAH SINGLE FAMILY TO RENT PORTFOLIO


The property was built in 2014 in a highly accessible and amenitized location south of Salt Lake City. Although of high quality, the property required a small renovation plan to capture higher market rents.

PURPOSE ACQUISITION FINANCING

ASSET TYPE SFR TO RENT

UNITS 174

LOAN AMOUNT $56,000,000

LOAN TO VALUE 70.0%

BOISE CLASS A MULTIFAMILY


Constructed during the height of COVID-19, the Property suffered below-market rents. We worked with the Sponsor to structure creative credit enhancements to compensate for low in-place debt yield.

PURPOSE ACQUISITION FINANCING

ASSET TYPE CLASS A MULTIFAMILY

UNITS 106

LOAN AMOUNT $25,000,000

LOAN TO VALUE 65.0%

ALBUQUERQUE CLASS A MULTIFAMILY


The property was built in 2014 in a highly accessible and amenitized location south of Salt Lake City. Although of high quality, the property required a small renovation plan to capture higher market rents.

PURPOSE ACQUISITION FINANCING

ASSET TYPE CLASS A MULTIFAMILY

UNITS 92

LOAN AMOUNT $23,075,000

LOAN TO VALUE 65.0%

For further information, please contact our team

Vishal Vanjani

Managing Director, Head of Correspondent Lending

mobile: +1.310.701.0453

e-mail: vvanjani@dekelcapital.com

Benjamin Markiles

Associate

mobile: +1.310.804.0418

e-mail: bmarkiles@dekelcapital.com