High-yielding loans and other investments that are subordinate to senior mortgage loans on commercial real estate properties. Generally, these asset-level loans or investments represent a subordinate interest in a first mortgage (a "B-note"), a second mortgage, a pledge of ownership interest in the borrowing property owner, or a preferred equity interest in the property owner. Property Mezzanine Investments typically have a longer contractual duration (3-5 years) than Transitional Mortgage Loans. Capital Trust may also originate and close whole loans in which it intends to sell a senior tranche and keep the junior tranche, thereby creating a Property Mezzanine Investment.

Typical Terms:

$10-100+ million 3-5 year Floating Rate term 3-10 year Fixed Rate term All property types All geographic markets

Property Mezzanine Investments | Transitional Mortgage Loans
Corporate Mezzanine Investments | Subordinate CMBS
Opportunistic Investments