Lender
Crayhill Capital Management
Named lender on the Versity Invest VIP Bonds circular’s revolving mezz facility. SPEs wholly owned by Crayhill Capital Management.
- Facility
- Crayhill Credit Facility · Senior Secured Term Loan Agreement 27 May 2021 · First Amendment 12 Apr 2022 adds Versity Invest / EquityCo II as co-guarantors
- Rate / term
- 12.50% · matures 27 May 2025 · two 180-day extensions · $25 million minimum utilization · no prepayment penalty
- Capacity
- Initial $50 million, expandable to $200 million. Circular as of 31 Dec 2022 — line increased to $102 million.
- Outstanding (circular)
- ~$70.9 million as of 31 Dec 2022 · $65,361,830 as of 30 Jun 2023. Apr–Dec 2022 draws $125.1 million to buy Vintage, Walk, and Hayworth; ~$38.3 million repaid from syndications and property income.
- Collateral (circular)
- Unsold interests in Vintage, Walk, Hayworth, and One on 4th. EquityCo pledges 100% of each Depositor. Drawn amounts repaid from DST redemptions of the Depositor.
- NY plaintiff
- KHCA Funding LLC and Knights Hill Ireland II DAC (Index 651885/2024). Same 12 Apr 2022 first amendment is the KHCA loan exhibit.
The 21 Feb 2024 VIP Bonds circular names the lenders on Versity Invest’s revolving mezz as special purpose entities wholly owned by Crayhill Capital Management (collectively “Crayhill”). Sponsor disclosure, not a court finding.
Original Senior Secured Term Loan Agreement 27 May 2021: borrower Versity EquityCo (via EquityCo Parent, wholly owned by Versity Investments); parties Brian Nelson, Blake Wettengel, and Tanya Muro (circular spelling “Murro”). First Amendment 12 Apr 2022 — Vintage close day — adds Versity Invest, Versity EquityCo II, and Versity EquityCo Parent II as co-guarantors. That amendment is the KHCA loan exhibit.
12.50%. Matures 27 May 2025, with two 180-day extensions. Initial capacity $50 million, expandable to $200 million. Minimum utilization $25 million. No prepayment penalty. Monthly pay from syndications and property income; interest-only on at least $25 million. EquityCo draws, contributes to a Depositor, and the Depositor takes 100% of the DST interests at close. Collateral is the Depositor membership interest plus unsold interests in Vintage, Walk, Hayworth, and One on 4th.
Circular cash movement 12 Apr–31 Dec 2022: borrowed $125.1 million to buy Vintage, Walk, and Hayworth; repaid about $38.3 million from equity syndications and property income. Outstanding about $70.9 million at year-end 2022 and $65,361,830 as of 30 Jun 2023. Line size $102 million as of 31 Dec 2022.
KHCA is the New York plaintiff (Index 651885/2024) on the unpaid Vintage / Walk / One on 4th / Hayworth bridge. The circular’s “fully syndicated / outside-the-mortgage financing repaid” language on Vintage as of 30 Jun 2023 is a sponsor claim; the later Vintage IB complaint alleges leftover IB interests and unpaid bridge.
Timeline
- 27 May 2021Crayhill Credit Agreement. Senior secured revolving facility, 12.50%. Borrower Versity EquityCo (wholly owned via EquityCo Parent by Versity Investments). Parties Brian Nelson, Blake Wettengel, and Tanya Muro. Lenders are special purpose entities wholly owned by Crayhill Capital Management. Recited in the VIP Bonds circular.
- 11 Jan 2022Vintage PPM. Maximum offering $75.4 million; ~$62 million Walker & Dunlop / Freddie Mac; Emerson exclusive managing BD. Sponsor named as Versity Investments. Bridge equity ~$50.35 million via a revolving facility; default on an unrelated loan may divert Vintage proceeds. PPM estimates; Form D later lists $88.0 million.
- 2–21 Apr 2022Operating agreement 12 Apr: two managers; initial CFO Jennifer Welker, CIO Frank Muhlon. Same day: Vintage Trust Agreement (IB 100%; Sorensen Entity Services Delaware Trustee; Vintage ST Signatory Trustee; Chris Sorensen Independent Trustee), master lease DST → Vintage LeaseCo (10 years 3 months), Book & Ladder PMA at 2.5% of Monthly Gross Revenues, Walker & Dunlop first mortgage $52,346,000, buy $119.6 million from Vintage Horizon Owner, LLC (PPM and IB complaint), and first sale; Vintage LeaseCo side letter sends excess revenue and disposition fees to Vintage IB until Full Redemption (KHCA is a third-party beneficiary); and the KHCA loan amendment naming the new sponsor — the VIP Bonds circular calls that first amendment the Crayhill Credit Facility and adds Versity Invest as co-guarantor. Form D 21 Apr 2022. Related persons: Wettengel and Muro. Selling group includes Tim Sherer and Brian Nelson at Emerson.
- 29 Apr 2022Walk bought for $45.5 million (VIP Bonds circular). Senior loan $27,834,000 at 3.50%. Same-day Book & Ladder PMA at 3% of Monthly Gross Revenues. Recites a master lease that day, The Walk LeaseCo as Owner, ~87 units / 251 beds. Versity Invest is PMA §6.8 Asset Manager. Form D 9 May 2022 ($24,694,414); circular offering $29,897,965.
- 30 Jun 2022Hayworth bought for $105,500,000 from TDC Tanglewood (PPM / PSA / circular / Delaware opinion). Senior loan $48,000,000 at 5.25% from TC Debt Opportunities. Same-day master lease (DST → Hayworth Tanglewood LeaseCo; 7 years 3 months) and Book & Ladder PMA at 2.5% of Monthly Gross Revenues; Tanya Muro signed both sides. Versity EquityCo II contributed $50,089,148.27 of bridge equity through Hayworth Tanglewood IB (PPM); the later IB complaint puts the total contribution at $58,959,026.60 including $8,869,878.33 of EquityCo money. Trust Agreement dated 29 Jun. Side letter the same day: excess revenue and disposition/financing/construction fees to the IB until Full Redemption; KHCA agents are third-party beneficiaries.
Hayworth PPM / lease / side letter · C.A. 2025-0748 Exs A, C, D
- 7 Jul 2022Hayworth PPM. Maximum offering $76,767,365 (matches Form D 11 Jul); WealthForge exclusive managing BD; 9.30% load. Sponsor named as Versity Invest. Post-close form. Circular later lists up to $77,578,947.
- 27 Jul 2022One on 4th closed for $50,625,000 (VIP Bonds circular). Senior loan $27,500,000 at 4.80%. 8 Apr PSA $51.5–52 million / 23 May $51.75 million plus $1.375 million credit. Form D 17 Aug 2022 ($30,922,808); circular offering up to $32,153,561.
- 30 Jun 2023 · circular snapshotVIP Bonds circular as of 30 Jun 2023 (sponsor disclosure, signed 21 Feb 2024). Vintage “fully syndicated”; circular says financing outside the first mortgage repaid — later Vintage IB complaint alleges leftover IB interests. Walk ~1% remaining, ~99% occupied. Hayworth 33.32% remaining, ~81% occupied. One on 4th 20.27% remaining, ~99% occupied. Apex 90.886% remaining, ~91% occupied; leftover-equity notes $40.8 million outstanding. Crayhill line $65,361,830 outstanding.
- 21 Feb 2024Later amendment of the VIP Bonds circular, signed 21 Feb 2024. EDGAR Form 1-A/A
000165495424002023. Same $75 million 8% offering. This is the circular the site uses for Crew-era DST close prices, loan coupons, and the 30 Jun 2023 syndication snapshot. Still a preliminary offering circular — do not treat as qualified or sold.