Turnstone Group’s Funding platform is an opportunistic private lender and investor which finances commercial and residential real estate across the United States and Europe in both debt and equity structures. Flexible structures and capital allows Turnstone to optimize capital stacks for middle market real estate sponsors’ acquisitions, developments, entitled land, note purchases (performing and NPL), and refinancings/recapitalizations.   Our flat organizational structure and process allows for quick initial evaluation and ultimate execution of transactions. Our structures include:

  • Bridge Loans
  • Mezzanine Debt
  • Preferred Equity
  • Joint Ventures
  • Note Purchases
  • Recapitalizations

Property types: Office, Multifamily, Hotel, Industrial, Retail, Student Housing, Senior Housing, Self-Storage, Mobile Home/RV Parks, Single-Family Residential (attached/detached), Condominiums, and Entitled Land.

Uses:  Acquisition, Pre-Development, Construction/Rehabilitation/Repositioning, Recapitalization, Refinancing, or Note Purchase

Markets: Primary and Secondary. Select tertiary markets will be considered subject to the presence of consistent economic drivers (e.g., major universities, regional medical center)

Bridge Loans

  • Size: $2 to $20mm+
  • Maturity: 1-4 years
  • Fixed and Floating Rates
  • Amortization: Amortizing and Interest-only (interest reserves available)
  • Security: First Mortgage / Security Deed
  • LTC: Up to 70% (stretch to 85% with pledge or second lien)
  • Lockout: Negotiable
  • Equity Participation: Negotiable
  • Property Types: All (including unentitled and entitled land)

Mezzanine Loans 

  • Loan Size: $2 to $10mm+
  • Maturity: 2-4 years
  • Amortization: Typically not required (interest reserves available)
  • Security: 100% pledge of ownership and/or 2nd lien
  • LTC: Up to 85%
  • Lockout: One year
  • Equity Participation: Negotiable
  • Property Types: All (excluding land)

Preferred Equity

  • Investment Size: $2 to $10mm+
  • Investment Horizon: 2-4 years
  • Preferred return: 12-18%+ (dependent on risk and participation)
  • % of Capitalization: Up to 95%
  • Equity Participation: Negotiable above preferred return
  • Property Types: All (excluding unentitled land

Joint Ventures

  • Investment Size: $5 to $15mm+
  • Investment Horizon: 2-5 years
  • Preferred return: 10-12% (dependent on risk and waterfall)
  • Turnstone % of Equity: 80-95% (sponsor co-invest 5-20%)
  • Waterfall: Negotiable
  • Property Types: All (excluding unentitled land)

Note Purchases

  • Turnstone Group partakes in the acquisition of both performing and non-performing senior mortgage loans, including senior participation interests.
  • Loan Size: $1 to $20mm (pools to $50mm+)
  • Structure: Acquisition of whole loan(s) or senior participation interest
  • Status: Performing, non-performing, or defaulted (whole or participation interests)
  • Seller: Banks, Funds, REITs, Servicers, LifeCos, etc.


In the event of stress in the credit/equity markets or idiosyncratic ownership issues that are not related to the operations/quality of a real estate asset or portfolio, Turnstone Group works with owners that are expected to be or are already in default on their debt or equity obligations. Turnstone can assist a sponsor with the purchase debt or other interests, often at a large discount, in exchange for an ownership position in the property or a discounted payoff. Creativity in recapitalization, restructuring, disposition or alternative financial structures will allow asset-level cash flow so owners can focus on operating their properties.

Contact: Mark Battleson (mbattleson@turnstonegroup.com) 404.477.6185