The $10M Extraction: Anatomy of a Subordinate Note
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The $10M Extraction: Anatomy of a Subordinate Note A retail real estate offering promises 11.5% on a loan against a Santa Monica building anchored by Trader Joe’s. The 27-page note supplement describes something narrower: the first-loss slice of that loan, behind a bank, with cure rights that can require investors to pay the bank down. […]
