Tishman Speyer Provides $90M Loan for Aperture Del Mar

We’re pleased to share that alongside our partners at Tishman Speyer we have provided a $90 million mezzanine bridge loan for Aperture Del Mar, a newly developed, 538,000-square-foot life science campus in San Diego. Fully occupied by Neurocrine Biosciences as its global headquarters, Aperture Del Mar represents a best-in-class asset in one of the nation's leading life science markets. This investment brings together our life science expertise and Tishman Speyer's growing debt platform to deliver a creative financing solution for an institutional-quality asset. Learn more: https://lnkd.in/gX-qzDky

Manchester's Graphene Funding, previously known as Graphene Commercial Finance, has unveiled a rebranding alongside the appointment of David Stokoe as Senior Relationship Director. #PBSA #StudentAccommodation #StudentHousing #UKProperty #GrapheneFunding

MEZZANINE: Breakthrough Properties and Tishman Speyer have made a joint investment in a $90 million mezzanine bridge loan for Aperture Del Mar, a newly constructed 538,000-square-foot, class A life science campus in San Diego. https://lnkd.in/g4_Gtx4R

Dwelly closed a $170 million Series B, $95 million in equity led by EQT Growth and a $75 million debt facility from Trinity Capital, alongside a roster of angels: the chief executives of Legora, Synthesia, and ElevenLabs each put in money, as did Philipp Freise, a partner and co-head of European private equity at KKR. Dwelly acquires independent UK lettings agencies and migrates them onto an AI platform that handles tenant and landlord communication, maintenance coordination, rent collection and compliance. It now manages more than 15,000 properties and a £350 million rent roll, figures that are self-reported rather than independently audited. Ilya Drozdov, CEO and co-founder: "Dwelly is AI-first by default: we assume AI should be able to do every operational task." The $75 million debt facility gives Dwelly firepower to keep acquiring agencies without diluting its equity each time. That combination, equity for platform development, debt for acquisitions, is the roll-up model built for speed. The company raised $93 million in a Series A just five months ago. More than $260 million raised in under a year. Source: TWN 📩 Subscribe to The BOARD Brief, weekly private market intelligence for European boards. Link in the first comment below. Dan Lifshits, Dmitry Khanukov, Alexey Potemkin, Katya Burkova, Asan Kurmanguzhin, Mikhail Chinakov, Suwen H., Roman Zykov, Eishan Dhandhania, Marcel Goehre, Suki Nahl, Kirk Lepke

💼 Capital to Help New York Small Businesses Grow The New York State Small Business Revolving Loan Fund – Round 2 is designed to improve access to affordable financing for small businesses and minority- and women-owned business enterprises (MWBEs) that may face challenges obtaining traditional credit. Eligible businesses can apply for low-interest loans of up to $250,000 to support growth and operational needs, including: • Purchasing equipment or inventory • Covering working capital expenses such as payroll, rent, and utilities • Expanding through marketing and hiring • Making facility improvements and other strategic investments This program provides an important resource for businesses looking to strengthen operations, create jobs, and invest in long-term success. Learn more: https://lnkd.in/gHWkfeTr #SmallBusiness #BusinessFinance #EconomicDevelopment #MWBE #Entrepreneurship #BusinessGrowth #NewYork #WorkforceDevelopment #AccessToCapital Empire State Development

BEFORE YOU SEND US YOUR PROJECT, HERE'S WHAT WE WANT TO KNOW. At The Coterie Group, we see opportunities seeking debt, equity, joint venture partners and other forms of capital. Some immediately get our attention. Others don't. And surprisingly, it isn't always the size of the project, the location or even the projected return that makes the difference. It's whether we can answer a few fundamental questions. 1. What exactly are you asking for? Debt? Equity? A joint venture partner? And how much? 2. What have you already invested? Capital wants to know what the sponsor has at risk—not simply what everyone else is being asked to risk. 3. What does the capital actually accomplish? Acquire the asset? Complete construction? Refinance existing debt? Fund expansion? 4. What protects the capital? Assets. Cash flow. Guarantees. Contracts. Equity. Governance. Control. Different transactions provide different protections, but the answer cannot simply be optimism. 5. How does the capital get out? Repayment, refinancing, sale, distributions, or another clearly defined exit. 6. And perhaps most importantly: why should we believe the story? Can the numbers be verified? Does the documentation support them? Does management have the ability to execute? Are the assumptions reasonable? That's where many opportunities begin to separate themselves. A beautiful presentation can get someone's attention. A credible structure keeps it. We're currently reviewing opportunities across several markets, and we're always interested in seeing well-conceived projects with experienced sponsors. So if you're seeking capital, before sending another 70-page deck to another 50 investors, try answering those six questions on one page. And if the answers are compelling... send it to us. Let's see if there's a deal worth building. #TheCoterieGroup #PrivateCapital #ProjectFinance #StructuredFinance #PrivateCredit #RealEstateDevelopment #JointVenture #CapitalMarkets

LAST WEEK I SAT IN ON ONE OF THE MORE UNUSUAL INVESTMENT PITCHES I HAVE SEEN IN A WHILE! Not a startup. Not a venture round. Not a traditional loan. A debt SPV, raised by a fast-growing portfolio company of a VC fund that I am an investor in. If you've never heard of one, you're not alone. Let me share why this structure exists and why I think it's a genuinely smart financing tool that more people should know about. (For those of you who already know this space well, this will be familiar. Skip ahead to the bottom for my take on why I found this particular situation compelling.) WHAT IS A DEBT SPV? A Special Purpose Vehicle (SPV) is a separate legal entity created for a specific investment purpose. Most people in the startup world know equity SPVs, where investors pool capital to make a single equity investment. A debt SPV is different. Instead of pooling equity, it raises debt capital ... in this case to fund acquisitions and fuel continued growth. BUT FIRST: WHY DOES A FAST-GROWING COMPANY NEED CAPITAL IN THE FIRST PLACE? Here's something many founders don't fully appreciate until they've lived it. As one experienced founder put it to me recently: "GROWTH EATS CASH!" The faster you grow, the more capital you need to fund that growth (headcount, acquisitions, infrastructure, working capital). A fast-growing company is not often a cash-rich company. Sometimes the opposite is true. So the question isn't whether you need capital; it is what kind. WHY WOULD A FAST-GROWING COMPANY CHOOSE DEBT OVER EQUITY? 👉 NO DILUTION. Raising debt doesn't give up equity. Existing shareholders (founders, employees, and investors) keep their ownership intact. For a company growing rapidly, protecting that equity has real value. 👉 FLEXIBILITY. The capital raised through the debt SPV gives the company the flexibility to pursue acquisitions and continue scaling without the constraints that often come with additional equity rounds. WHAT ABOUT THE RISK FOR INVESTORS? This is where it gets interesting. The debt SPV sits in the capital stack above equity holders but below the company's existing bank debt. That means: 👉 Lower risk than equity; you get paid before equity holders in any wind-down scenario 👉 Attractive fixed interest rate (often much better than many alternatives in today's market) 👉 Specific asset exposure - you know exactly what you're investing in WHY AM I LIKELY INVESTING? This is a company I've been watching through my LP relationship with the fund. Fast growth and strong fundamentals. A management team that has been building for years. The debt SPV gives me a way to add exposure at a different risk/return profile than my equity position as an LP. Not every investment opportunity looks like a venture round. Sometimes the most interesting ones don't. #Entrepreneurship #Founders #MNStartups

What does access to the right kind of finance make possible? For APY Art Centre Collective, it meant opening new gallery spaces in Sydney and Melbourne while staying true to their vision and priorities. We spoke with the team about how a loan through the Social Enterprise Loan Fund (SELF) helped them invest in their next chapter, and why self-determination requires more than good ideas. It requires access to capital that works for social enterprises. It's a thoughtful reflection on growth, self-determination and the role the right finance can play in helping social enterprises realise their ambitions. Read the full conversation below: https://lnkd.in/g3U5kFsM

Protium in advanced talks to buy Clix Capital; Rs 1,900-2,200 crore valuation likely https://lnkd.in/dQFEZbnN Download Economic Times App to stay updated with Business News - https://lnkd.in/eK4XZsX

The Capital Stack — How Keynvest Layers Debt and Equity to Maximize Returns Most investors think about a deal in simple terms: how much does it cost, and how much can I borrow? At Keynvest, we think about the capital stack — and the difference is significant. The capital stack is the full picture of how a property is financed: senior debt, mezzanine debt, preferred equity, and common equity. Each layer carries a different risk profile, a different return expectation, and a different claim on the asset in a downside scenario. Here's how we approach it: **Senior Debt** — conventional or DSCR financing, typically 65–75% LTV. Lowest cost of capital, first claim on the asset. **Gap Financing / Mezz** — sometimes used for value-add acquisitions where we need bridge capital before refinancing into permanent debt. **Preferred Equity** — when we bring in passive investors, we often structure a preferred return (typically 6–8%) before we participate in upside. This aligns incentives: investors get protected downside, we earn our promote by executing. **Common Equity** — our skin in the game. The last money in, the last money out — and the highest potential return if we execute the business plan. Understanding the capital stack isn't just academic. It determines how deals are structured, how risk is shared, and how returns are distributed. We build every deal with the full stack in mind — not just the mortgage. If you're looking to participate in Las Vegas real estate with a structured, disciplined approach — let's connect. 🌐 keynvest.com #RealEstate #LasVegas #RealEstateInvesting #Keynvest #CapitalStack #PrivateEquity #ValueAdd #PassiveIncome