Structured capital for every asset class.

Preferred equity and mezzanine sit between senior debt and common equity, and the same mechanics govern a multifamily recapitalization, an office repositioning, an industrial development, a retail acquisition, and a hotel refinancing. Sizing runs off the combined position: last-dollar leverage, combined coverage, and combined debt yield, with the binding test setting proceeds. Where agency or CMBS loan documents prohibit subordinate debt, preferred equity fills the gap because it is an equity interest rather than a lien. Hard pay carries a fixed current return and a redemption date; accruing structures preserve current coverage for the senior. Joint venture and LP capital sits in the common position, and any change of control on a trigger event requires the senior lender's recognition.

UK structured capital reaches the same position by different means, across build-to-rent, offices, logistics, retail, and hotels. There is no US-style LLC, so priority returns sit in the shareholders' agreement or partnership waterfall of an English company, limited partnership, or Jersey unit trust. Mezzanine is a loan to a holding company secured by a charge over the shares in the property-owning entity, ranking behind the senior lender under an LMA intercreditor agreement with cure and purchase rights. Assets sit in SPVs, so an exit can be a share sale rather than an asset purchase.