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Mezzanine Capital is a critical financing source for Develop Michigan projects. DMI will underwrite and provide shorter-term mezzanine capital for higher-risk tranches of a real estate transaction’s capital sources.
|Target Project Range||Target project range is $5 - $35 million.|
|Target Investment Range||Target Investment size is $3 - $10 million, subject to program conditions and DMI underwriting criteria.|
|Target Investment Period
||2 - 4 years|
||80% - 90% LTV|
||Fixed-rate interest during loan term with negotiated equity participation at asset refinance or sale.|
||Projects must be located within the State of Michigan.|
||Projects must show substantial "second bottom line" of community impacts , such as quantifiable job creation or community development.|