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structured equity investments the phelps cincinnati downtown

Flexible Equity Capital for New & Existing Assets

We provide flexible preferred equity, joint venture equity and hybrid debt-equity on a direct basis to qualified partners and sponsors, for opportunistic and value-add investment opportunities.

Please refer to Portfolio for a summary of the current scope of our equity portfolio, and to review representative equity investments.

Multiple Investment Strategies to Meet Sponsors’ Objectives

We favor investments in multifamily housing, active adult and senior housing, medical office, and hospitality properties, with a limited exposure to other asset classes.  Generally, we invest in ground-up development projects and value-add by repositioning opportunities under the following strategies: 

Build-Stabilize-Sell

The Build-Stabilize-Sell program is for new joint-venture developments of the following Primary Target Asset Classes1:

  • Conventional Multi-Family Residential
  • Active-Adult Multi-Family Residential
  • Senior Living Facilities

Eagle’s objective for the Build-Stabilize-Sell strategy is to optimize total leveraged returns (IRR) and Multiple of Capital (MOC) by realizing value created by the real estate development process, through the sale of the asset upon, or shortly after, completion of construction and financial stabilization of the project.

Build-Stabilize-Hold

For select sponsors and opportunities, Eagle may also provide capital to new development ventures whereby both Eagle and the development sponsor seek to Build, Stabilize and then Hold the asset for a longer duration of 5 to 10 years.

This can be an appropriate strategy for assets with above-average cash flow metrics and/or assets located in markets with exceptional long-term growth potential and strong barriers to entry for new competition.

Value-Add Acquisition

The Value-Add program is for joint ventures with sponsors to acquire existing real estate assets that require upgrading and repositioning. Targeting the same asset classes as provided for the Build-Stabilize-Sell program, Eagle’s objective for the Value-Add strategy is to acquire assets at an attractive cost basis relative to replacement cost, and to generate attractive levels of leveraged cash flow, with moderately longer investment durations, for strong annual Return on Equity (ROE) and higher Multiples of Invested Capital (MOCs).

Sophisticated Partners for Long-Term Relationships

Our equity investment team has hands-on experience managing real estate development projects, from site acquisition, through entitlements, design, financing, construction and lease-up.  This depth of experience makes Eagle uniquely qualified to understand the changing dynamics and challenges encountered in the development process.  As a result of this understanding, we can be flexible and supportive when needed, and can add value when problems arise.  This approach has helped us develop trusting and long-lasting relationships with our development partners, through multiple investments over numerous business cycles.

IMPORTANT DISCLOSURES

1Opportunities for other asset classes, such as Hospitality, Office and Retail may also be considered for this strategy, but on a limited basis, for special situations.

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