A look in the life, here’s what I’m working on today (yes today, I love cre and am looking at an opportunity set I haven’t seen in a couple years so we’re getting it done on a Sunday).

Acquisition 1:
-$21m MOB in a tertiary market with all-in project cost of 143/sf (below rc)

-going-in yield of ~9%, but >15% with I/O
-debt quote has 24/months of I/O at ~70% LTC, mid 4’s rate
-project has ~50% investment grade tenancy
-tertiary market in Tx a state where we like the tailwinds

Acquisition 2:
-$4.1m MOB in a primary market with value-add upside (75% leased)
-going in unlevered yield of 7.5% to cost, stabilized yield of 8.75% of cost
-great fundamental real estate just below replacement cost
-some hair to work through via a tenant w/ a termination option

Acquisition 3:
-NPL portfolio of a few assets
-operationally intensive real estate on top of a complicated distressed situation
Acquisition 4:
-$1.1 retailish yield play
-price ~50% of replacement cost at high cap rate on in-place income

-sandwiched between strong national retailers with under market rents
-day 1 yield with no I/O ~16%

Acquisition 5:
-off-market MOB sale leaseback in a great submarket of a secondary market
-strong in-place cashflow b/c group wants to monetize
-a few acres of excess land tossed

in to create future upside optionality.

Investing out of a discretionary healthcare fund for those assets and raising deal by deal for the randomness. Long but exciting path ahead on a few of these. Lenders seem to have resumed work last week and term sheets are rolling in.