Investor Motivations Diversify investment portfolio Access to interesting deal flow Realize risk-adjusted returns: cash flow + ap o target leveraged IRR 12 - 18%+, depending on risk 3-5 yr horizon 50 - 65% loan to cost ratio Invest in CRE with local experts & developen Partner with developer also investing ("skin in the Tax Shelter from federal income tax Not applicable to tax-exempt investors (pensions & Types of Property Investment (all sectors) o Ground-up development o Value-Add acquisition o Distressed assets requiring re-positioning & re-structurin