贷款方
Crayhill Capital Management
Versity Invest VIP Bonds 说明书循环夹层融资上的具名贷款方。SPE 由 Crayhill Capital Management 全资持有。
- 融资
- Crayhill Credit Facility · Senior Secured Term Loan Agreement 2021 年 5 月 27 日 · 第一次修订 2022 年 4 月 12 日将 Versity Invest / EquityCo II 加为共同担保人
- 利率 / 期限
- 12.50% · 到期 2025 年 5 月 27 日 · 两次 180 天展期 · 最低动用 $25 million · 无提前还款罚金
- 额度
- 初始 $50 million，可扩至 $200 million。说明书截至 2022 年 12 月 31 日——额度增至 $102 million。
- 未偿（说明书）
- 截至 2022 年 12 月 31 日约 $70.9 million · 截至 2023 年 6 月 30 日 $65,361,830。2022 年 4–12 月提取 $125.1 million 购买 Vintage、Walk 与 Hayworth；约 $38.3 million 从募集与物业收入偿还。
- 担保物（说明书）
- Vintage、Walk、Hayworth 与 One on 4th 中未售出的权益。EquityCo 质押各 Depositor 的 100%。提取金额从 DST 赎回 Depositor 中偿还。
- 纽约原告
- KHCA Funding LLC 与 Knights Hill Ireland II DAC（Index 651885/2024）。同一份 2022 年 4 月 12 日第一次修订即 KHCA 贷款附件。
2024 年 2 月 21 日 VIP Bonds 说明书 把 Versity Invest 循环夹层的贷款方称为 Crayhill Capital Management 全资持有的特殊目的实体（合称「Crayhill」）。发起人披露，不是法院认定。
原 Senior Secured Term Loan Agreement 2021 年 5 月 27 日：借款人 [Versity EquityCo](/zh/companies/versity-investments/）（经 EquityCo Parent，由 Versity Investments 全资持有）；当事人 Brian Nelson、Blake Wettengel 与 [Tanya Muro](/zh/people/tanya-muro/）（说明书拼写「Murro」）。第一次修订 2022 年 4 月 12 日——Vintage 交割日——将 Versity Invest、Versity EquityCo II 与 Versity EquityCo Parent II 加为共同担保人。该修订即 KHCA 贷款附件。
12.50%。到期 2025 年 5 月 27 日，两次 180 天展期。初始额度 $50 million，可扩至 $200 million。最低动用 $25 million。无提前还款罚金。每月从募集与物业收入支付；至少 $25 million 仅付利息。EquityCo 提取，出资给 Depositor，Depositor 在交割时取得 100% DST 权益。担保物是 Depositor 成员权益，外加 Vintage、Walk、Hayworth 与 One on 4th 中未售出的权益。
说明书资金流动 2022 年 4 月 12 日–12 月 31 日：借入 $125.1 million 购买 Vintage、Walk 与 Hayworth；从权益募集与物业收入偿还约 $38.3 million。年末 2022 未偿约 $70.9 million，截至 2023 年 6 月 30 日 为 $65,361,830。截至 2022 年 12 月 31 日额度 $102 million。
KHCA 是纽约原告（Index 651885/2024），针对未偿的 Vintage / Walk / One on 4th / Hayworth 过桥。说明书称 Vintage 截至 2023 年 6 月 30 日「已完全募集 / 抵押外融资已偿还」，那是发起人说法；后来的 Vintage IB 起诉状主张剩余 IB 权益与未偿过桥。
时间线
- 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. Selling group includes Tim Sherer and Brian Nelson at Emerson.
- 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.
- 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.