Structured Credit & Loan Sales
Non-performing loan portfolios, note sales, CMBS structuring, and structured debt advisory across the credit spectrum.
Sponsors who need certainty of execution
Sponsors who need capital that sits between the senior loan and common equity — mezzanine, preferred equity, participating or stretch structures — and lenders or owners looking to sell, buy or restructure loan positions.
Structured credit is where the firm's underwriting background is most visible. The Managing Principals' prior experience spans CMBS and B-piece underwriting, distressed debt and restructuring, which shapes how we structure and place these positions.
Gap capital
Mezzanine and preferred equity to complete construction or acquisition capital stacks when senior proceeds are constrained.
Completion and overrun capital
Subordinate capital to carry a project through completion, lease-up or sellout.
Note and loan sales
Sale or purchase of performing, sub-performing and non-performing loans and loan portfolios.
Restructurings
Negotiated modifications, discounted payoffs and recapitalizations of over-levered positions.
How WD Capital works on this
A principal-led process from sizing through closing. One team, start to finish.
Capital stack analysis
Where the gap sits, what the senior lender will permit, and which structure — mezz, preferred, participating — fits the intercreditor reality.
Structure and pricing
Term, current pay versus accrual, protections, cure rights and exit priced against the market for that risk.
Placement
A process among the debt funds, family offices and specialty lenders that hold this risk, run to term sheets.
Intercreditor and closing
Negotiation of intercreditor and recognition agreements with the senior lender through documentation and funding.
Structured positions
Frequently asked
What is mezzanine financing in commercial real estate?
A loan that sits behind the senior mortgage and ahead of the sponsor's equity, secured by a pledge of the ownership interests rather than the property itself. It is used to complete a capital stack when senior proceeds are capped, and it is governed by an intercreditor agreement with the senior lender that sets out cure rights and remedies.
When does a sponsor need completion or gap capital?
Typically late in construction or sellout: costs have risen, the senior loan is fully drawn or capped, and the project needs additional capital to reach completion, certificate of occupancy or closings. Mezzanine or preferred equity sized to that gap, with terms the senior lender will accept, is the usual solution.
Does WD Capital Group buy or sell loans?
The firm advises on the sale and purchase of performing, sub-performing and non-performing loans and loan portfolios, and on negotiated restructurings and discounted payoffs. It acts as advisor, not as principal.
What is an intercreditor agreement and why does it matter?
It is the contract between the senior lender and the mezzanine or preferred capital provider that defines who can do what when a loan is in default: notice and cure rights, standstill periods, and the subordinate lender's right to take over the ownership interests. Getting it negotiated early is often what makes a structured position fundable.
The people on the mandate
Emile Schachter
Leads the firm's capital markets origination and execution across debt, preferred equity and structured finance.
Profile →Eduardo Pelaez
More than two decades in global finance, real estate investment and family-office asset management; CEO of Wellmeaning Holdings.
Profile →Alvaro Cardenas
More than 25 years in global strategy, finance and real estate investment, including family offices and cross-border joint ventures.
Profile →Discuss a financing
Senior construction debt, bridge, mezzanine, preferred equity and structured capital across the Sun Belt states, with an emphasis on South Florida.