Our Platforms

Two specialized platforms working in concert to deliver disciplined, risk-adjusted returns across the real estate capital stack.

Bengal

Bengal specializes in structured credit investments, including preferred equity and mezzanine debt, across high-quality commercial real estate assets in the United States. We partner with experienced operating sponsors to provide flexible, risk-adjusted capital solutions designed to generate attractive current income with downside protection and limited exposure to common equity volatility. Our investment strategy focuses on capital positions that sit above common equity in the capital stack, offering contractual cash flow, defined return profiles, and strong alignment with best-in-class operators.

Structured Capital

Preferred equity and mezzanine debt positions with contractual return profiles and structural protections.

Downside Protection

Senior positioning in the capital stack provides enhanced protection against loss of invested capital.

Current Yield

Contractual coupon payments deliver consistent current income throughout the investment term.

Operator Alignment

Rigorous vetting of operating partners ensures alignment of interests and execution capability.

Return Profile

Target Returns: High Single-Digit to Mid-Teens (Cash Yield + Accrued)
Current Income: Priority Distributions
Capital Preservation: Structured Senior to Common Equity
Limited Upside Dependency: Returns Driven Primarily by Contractual Economics

Value for Investors

Predictable Cash Flow
Lower Volatility Than Common Equity
Exposure to Real Estate Credit With Equity-Like Returns

Value for Operators

Non-Dilutive Capital Alternatives
Flexible Structures Tailored to Business Plans
Alignment-Driven Partnerships

Investment Criteria

              Geography
              U.S. (Secondary & Tertiary Markets)
            

              Transaction Types
              Pref Equity, Mezz Debt, Structured JV, Co-GP, Bridge-to-Equity
            

              Transaction Size
              $500K – $5M (up to $10M)
            

              Asset Types
              Hospitality, Multifamily, Industrial, NNN Retail, Senior Housing, Self Storage
            

              Target Returns
              High Single-Digit to Mid-Teens
            

              Offering Type
              506(c)
            

Lancer

Lancer is focused on acquiring majority ownership interests in institutional-quality multifamily assets in Ohio. We target control positions (51%–100%) that allow for active governance, capital structure optimization, and disciplined execution of value-creation strategies. Our approach emphasizes capital preservation, downside protection, and predictable cash flow, combined with selective upside through operational improvements and market-driven appreciation.

Majority Control

Control positions (51%–100%) enable active governance, capital structure optimization, and disciplined execution.

Capital Preservation

Downside protection and predictable cash flow through institutional-quality underwriting and disciplined execution.

Ohio Market Focus

Deep local knowledge in Northeast Ohio with established relationships providing proprietary deal flow.

Value Creation

Returns driven by in-place cash flow, modest rent growth, expense optimization, and disciplined exit timing.

Return Profile

Target Returns: Mid-Teens IRR; 1.6x – 2.0x Equity Multiple
Current Income: 8% Post-Stabilization
Hold Period: 3 – 5 Years for Capital Return
No Speculative Development Assumption

Value for Investors

Predictable Cash Flow
Downside Protection Through Structure
Institutional-Quality Underwriting
Attractive Risk-Adjusted Returns
Diversification Within Real Estate
Flexible Capital Deployment Partnerships

Investment Criteria

              Geography
              Ohio (Northeast Ohio preferred)
            

              Transaction Types
              Acquisitions & Majority Equity Positions
            

              Transaction Size
              $2M – $10M
            

              Asset Types
              Class B Multifamily, 12 – 50 Units, Stabilized or Lightly Transitional
            

              Target Returns
              Mid-Teens IRR; 1.6x – 2.0x Multiple
            

              Hold Period
              3 – 5 Years
            

              Offering Type
              506(c)
            

Integrated Model

How Our Platforms Work Together

Our vertically integrated structure ensures alignment across every stage of the investment lifecycle — from sourcing and structuring through management and disposition.

Bengal

Structured Equity & Credit

Lancer

Multifamily Acquisitions