Initial beneficiary
The entity that holds 100% of DST interests at close. Syndication is supposed to redeem that stake and repay the bridge.
At close the IB is the only beneficiary. A bridge loan funds that stake. DST sales are supposed to take the IB out. What remains is leftover unredeemed IB. DST holders sit behind the senior mortgage and that leftover claim.
Vintage IB, Hayworth Tanglewood IB, and Apex South Creek IB are leftover-IB / leftover-equity borrowers. The Walk 1055 petition recites leftover-IB captions The Walk IB, LLC v. The Walk, DST, C.A. 2025-0754-SEM, and One on 4th IB, LLC v. One on 4th, DST, C.A. 2025-0753-SEM. Those pleadings are not in this archive.
Why it shows up here: KHCA-controlled Vintage IB sued Vintage alleging leftover interests after syndication. That leftover share is an allegation on C.A. 2025-0757. A LeaseCo side letter can send excess revenue to the IB until Full Redemption.