Prestamista
Crayhill Capital Management
Prestamista nombrado en la facilidad mezanine revolvente de la circular de VIP Bonds de Versity Invest. SPE de propiedad total de Crayhill Capital Management.
- Facilidad
- Crayhill Credit Facility · Senior Secured Term Loan Agreement 27 de mayo de 2021 · Primera enmienda 12 de abril de 2022 añade a Versity Invest / EquityCo II como cogarante
- Tasa / plazo
- 12.50% · vence el 27 de mayo de 2025 · dos prórrogas de 180 días · utilización mínima $25 million · sin penalidad de prepago
- Capacidad
- Inicial $50 million, expandable a $200 million. Circular al 31 de diciembre de 2022 — línea aumentada a $102 million.
- Saldo (circular)
- ~$70.9 million al 31 de diciembre de 2022 · $65,361,830 al 30 de junio de 2023. Giros abr–dic 2022 $125.1 million para comprar Vintage, Walk y Hayworth; ~$38.3 million pagados de sindicaciones e ingresos de la propiedad.
- Garantía (circular)
- Intereses no vendidos en Vintage, Walk, Hayworth y One on 4th. EquityCo prenda el 100% de cada Depositor. Montos girados se pagan de redenciones DST del Depositor.
- Demandante de NY
- KHCA Funding LLC y Knights Hill Ireland II DAC (Index 651885/2024). La misma primera enmienda del 12 de abril de 2022 es el anexo de préstamo KHCA.
La circular de VIP Bonds del 21 de febrero de 2024 nombra a los prestamistas de la mezanine revolvente de Versity Invest como entidades de propósito especial de propiedad total de Crayhill Capital Management (en conjunto “Crayhill”). Divulgación del patrocinador, no un hallazgo judicial.
Facilidad
Senior Secured Term Loan Agreement original 27 de mayo de 2021: prestatario Versity EquityCo (vía EquityCo Parent, de propiedad total de Versity Investments); partes Brian Nelson, Blake Wettengel y Tanya Muro (ortografía de la circular “Murro”). Primera enmienda 12 de abril de 2022 — día de cierre de Vintage — añade a Versity Invest, Versity EquityCo II y Versity EquityCo Parent II como cogarante. Esa enmienda es el anexo de préstamo KHCA.
12.50%. Vence el 27 de mayo de 2025, con dos prórrogas de 180 días. Capacidad inicial $50 million, expandable a $200 million. Utilización mínima $25 million. Sin penalidad de prepago. Pago mensual de sindicaciones e ingresos de la propiedad; solo intereses sobre al menos $25 million. EquityCo gira, aporta a un Depositor, y el Depositor toma el 100% de los intereses DST al cierre.
Garantía
La garantía es el interés de membresía del Depositor más intereses no vendidos en Vintage, Walk, Hayworth y One on 4th.
Movimiento de efectivo de la circular 12 de abril–31 de diciembre de 2022: tomó prestados $125.1 million para comprar Vintage, Walk y Hayworth; pagó unos $38.3 million de sindicaciones de capital e ingresos de la propiedad. Saldo de unos $70.9 million a fin de 2022 y $65,361,830 al 30 de junio de 2023. Tamaño de línea $102 million al 31 de diciembre de 2022.
KHCA es el demandante de Nueva York (Index 651885/2024) sobre el puente impago de Vintage / Walk / One on 4th / Hayworth. El lenguaje de la circular “fully syndicated / outside-the-mortgage financing repaid” sobre Vintage al 30 de junio de 2023 es una afirmación del patrocinador; la demanda posterior de Vintage IB alega intereses IB residuales y puente impago.
Cronología
- 27 May 2021Crayhill Credit Agreement. Senior secured revolving facility, 12.50%. Borrower Versity EquityCo (wholly owned via EquityCo Parent by Versity Investments). Parties Brian Nelson, Blake Wettengel, and Tanya Muro. Lenders are special purpose entities wholly owned by Crayhill Capital Management. Recited in the VIP Bonds circular.
- 11 Jan 2022Vintage PPM. Maximum offering $75.4 million; ~$62 million Walker & Dunlop / Freddie Mac; Emerson exclusive managing BD. Sponsor named as Versity Investments. Bridge equity ~$50.35 million via a revolving facility; default on an unrelated loan may divert Vintage proceeds. PPM estimates; Form D later lists $88.0 million.
- 2–21 Apr 2022Operating agreement 12 Apr: two managers; initial CFO Jennifer Welker, CIO Frank Muhlon. Same day: Vintage Trust Agreement (IB 100%; Sorensen Entity Services Delaware Trustee; Vintage ST Signatory Trustee; Chris Sorensen Independent Trustee), master lease DST → Vintage LeaseCo (10 years 3 months), Book & Ladder PMA at 2.5% of Monthly Gross Revenues, Walker & Dunlop first mortgage $52,346,000, buy $119.6 million from Vintage Horizon Owner, LLC (PPM and IB complaint), and first sale; Vintage LeaseCo side letter sends excess revenue and disposition fees to Vintage IB until Full Redemption (KHCA is a third-party beneficiary); and the KHCA loan amendment naming the new sponsor — the VIP Bonds circular calls that first amendment the Crayhill Credit Facility and adds Versity Invest as co-guarantor. Form D 21 Apr 2022. Related persons: Wettengel and Muro. Nelson is on the Emerson selling-group line.
- 29 Apr 2022Walk bought for $45.5 million (VIP Bonds circular). Senior loan $27,834,000 at 3.50%. Same-day Book & Ladder PMA at 3% of Monthly Gross Revenues. Recites a master lease that day, The Walk LeaseCo as Owner, ~87 units / 251 beds. Versity Invest is PMA §6.8 Asset Manager. Form D 9 May 2022 ($24,694,414); circular offering $29,897,965. Later Walk 1055 petition recites BankPlus as that first-mortgage lender from the sealed PPM.
- 30 Jun 2022Hayworth bought for $105,500,000 from TDC Tanglewood (PPM / PSA / circular / Delaware opinion). Senior loan $48,000,000 at 5.25% from TC Debt Opportunities. Same-day master lease (DST → Hayworth Tanglewood LeaseCo; 7 years 3 months) and Book & Ladder PMA at 2.5% of Monthly Gross Revenues; Tanya Muro signed both sides. Versity EquityCo II contributed $50,089,148.27 of bridge equity through Hayworth Tanglewood IB (PPM); the later IB complaint puts the total contribution at $58,959,026.60 including $8,869,878.33 of EquityCo money. Trust Agreement dated 29 Jun. Side letter the same day: excess revenue and disposition/financing/construction fees to the IB until Full Redemption; KHCA agents are third-party beneficiaries.
Hayworth PPM / lease / side letter · C.A. 2025-0748 Exs A, C, D
- 7 Jul 2022Hayworth PPM. Maximum offering $76,767,365 (matches Form D 11 Jul); WealthForge exclusive managing BD; 9.30% load. Sponsor named as Versity Invest. Post-close form. Circular later lists up to $77,578,947.
- 27 Jul 2022One on 4th closed for $50,625,000 (VIP Bonds circular). Senior loan $27,500,000 at 4.80%. 8 Apr PSA $51.5–52 million / 23 May $51.75 million plus $1.375 million credit. Form D 17 Aug 2022 ($30,922,808); circular offering up to $32,153,561.
- 30 Jun 2023 · circular snapshotVIP Bonds circular as of 30 Jun 2023 (sponsor disclosure, signed 21 Feb 2024). Vintage “fully syndicated”; circular says financing outside the first mortgage repaid — later Vintage IB complaint alleges leftover IB interests. Walk ~1% remaining, ~99% occupied. Hayworth 33.32% remaining, ~81% occupied. One on 4th 20.27% remaining, ~99% occupied. Apex 90.886% remaining, ~91% occupied; leftover-equity notes $40.8 million outstanding. Crayhill line $65,361,830 outstanding.
- 21 Feb 2024Later amendment of the VIP Bonds circular, signed 21 Feb 2024. EDGAR Form 1-A/A
000165495424002023. Same $75 million 8% offering. This is the circular the site uses for Crew-era DST close prices, loan coupons, and the 30 Jun 2023 syndication snapshot. Still a preliminary offering circular — do not treat as qualified or sold.