Credit · CA
Pacific Mezzanine
An $85 million structured-credit book across twelve West-Coast positions — priced to be repaid, structured to be owned.
Pacific Mezzanine is a credit mandate opened in 2024, as regional banks withdrew from West-Coast real estate lending. The firm committed $85 million to structured mezzanine positions behind conservative senior debt — on completed, cash-flowing coastal assets.
The pool holds twelve positions of $3 million to $14 million, at a weighted loan-to-value of 61% and a current coupon of 11.4%. Every asset in the book passed one test: the firm would own it at basis. Priced to be repaid; structured to be owned.
Surveillance runs on the same intelligence layer as the equity portfolio. Each position is re-marked monthly against live operating data — occupancy, collections, debt service — not quarterly statements.
The book is current. Two positions repaid early at par; ten remain outstanding against scheduled maturities from 2027 through 2029.
02 / Execution
Mandate
$85M committed as bank credit withdrew from the market.
Origination
Twelve positions closed, $3M to $14M, weighted LTV 61%.
Surveillance
Monthly marks against live operating data on every position.
Resolution
Scheduled maturities. Structured to be owned if repayment fails.
03 / Record
