Selected Transactions
Four Seasons Hotel — Nashville, TN
Hotel · Mezzanine Loan Acquisition
$26M · SOFR + 950
The seller held both the senior mortgage and the mezzanine position, creating a conflict-of-interest risk that made the mezz difficult to retain. Circle acquired the mezz at attractive terms, gaining exposure to a trophy Four Seasons asset in one of the country's fastest-growing hospitality markets.
Confidential — New York, NY
Mixed-Use Retail · Direct Acquisition
$8M · 13% YOC
A residential conversion of the upper-floor collateral unlocks a tax abatement on the retail component, materially improving the in-place yield. Circle identified the regulatory angle that transformed the economics of an otherwise modestly priced retail acquisition.
Representative transactions. Approximate terms. Information subject to change.
809 Madison Avenue — New York, NY
Luxury Condo · Participating Preferred Equity
$33M · 20% + Upside
The sponsor required funding certainty to execute on a critical contract, secure Landmarks Preservation Commission approval, and acquire Transferable Development Rights. Circle provided a participating preferred equity structure capturing meaningful upside participation.
Confidential — Chicago, IL
Multifamily Development · Mezzanine Loan
$60M · 16%+
A well-capitalized local developer with attractive senior financing sought equity to greenlight a 383-unit multifamily development in Chicago's Fulton Market. Circle structured a mid-stack mezzanine loan, achieving a superior risk-adjusted return relative to straight equity.