Perseus Realty Partners LLC, a Washington real estate investment management firm, said Monday that it is offering participating loans for the development or acquisition and repositioning of office, retail, industrial, and multifamily properties throughout the country.
In addition to interest and principal, a participating loan gives the lender a share of the building's rental income and of the proceeds when it is sold. Perseus said it will finance up to 95% of the cost of a building with a total capitalization of $20 million to $75 million. It will make up to $1 billion of such loans.
Paul Dougherty, Perseus' president, said in a press release that "there currently are numerous well-conceived development and redevelopment projects in strong markets that could be moving forward successfully, except that developers and operators don't have sufficient liquidity to proceed."