貸手
Crayhill Capital Management
Versity Invest VIP Bonds 目論見書の循環メザニン枠に指名された貸手。Crayhill Capital Management が全額所有する SPE。
- 融資枠
- Crayhill Credit Facility · Senior Secured Term Loan Agreement 2021 年 5 月 27 日 · 第一次修正 2022 年 4 月 12 日が Versity Invest / EquityCo II を共同保証人に加える
- 利率 / 期限
- 12.50% · 満期 2025 年 5 月 27 日 · 180 日延長二つ · 最低利用 $25 million · 期限前返済違約金なし
- 枠
- 当初 $50 million、最大 $200 million まで拡張可。目論見書 2022 年 12 月 31 日時点——枠は $102 million へ増加。
- 未払い（目論見書）
- 2022 年 12 月 31 日時点 約 $70.9 million · 2023 年 6 月 30 日時点 $65,361,830。2022 年 4–12 月の引出 $125.1 million で Vintage、Walk、Hayworth を買い、シンジケーションと物件収入から約 $38.3 million 返済。
- 担保（目論見書）
- Vintage、Walk、Hayworth、One on 4th の未売持分。EquityCo が各 Depositor の 100% を質入れ。引出額は Depositor の DST 償還から返済。
- NY 原告
- KHCA Funding LLC と Knights Hill Ireland II DAC（Index 651885/2024）。同じ 2022 年 4 月 12 日第一次修正が KHCA ローン添付である。
2024 年 2 月 21 日 VIP Bonds 目論見書 は、Versity Invest の循環メザニンの貸手を Crayhill Capital Management が全額所有する SPE（総称 “Crayhill”）と書く。スポンサーの開示であり、裁判所の認定ではない。
当初の Senior Secured Term Loan Agreement 2021 年 5 月 27 日：借り手 [Versity EquityCo](/ja/companies/versity-investments/）（EquityCo Parent 経由、Versity Investments が全額所有）。当事者 Brian Nelson、Blake Wettengel、[Tanya Muro](/ja/people/tanya-muro/）（目論見書の綴り “Murro”）。第一次修正 2022 年 4 月 12 日——Vintage 決済日——が Versity Invest、Versity EquityCo II、Versity EquityCo Parent II を共同保証人に加える。その修正が KHCA ローン添付 である。
12.50%。満期 2025 年 5 月 27 日。180 日延長二つ。当初枠 $50 million、最大 $200 million まで拡張可。最低利用 $25 million。期限前返済違約金なし。月次支払はシンジケーションと物件収入から。少なくとも $25 million は利息のみ。EquityCo が引き出し、Depositor へ拠出し、Depositor が決済時に DST 持分の 100% を取る。担保は Depositor の会員持分と、Vintage、Walk、Hayworth、One on 4th の未売持分。
目論見書上の現金の動き 2022 年 4 月 12 日–12 月 31 日：Vintage、Walk、Hayworth の買いに $125.1 million 借入。持分シンジケーションと物件収入から約 $38.3 million 返済。年末 2022 の未払い約 $70.9 million、2023 年 6 月 30 日時点 $65,361,830。枠は 2022 年 12 月 31 日時点 $102 million。
KHCA が未払いの Vintage / Walk / One on 4th / Hayworth ブリッジのニューヨーク原告である（Index 651885/2024）。目論見書の、2023 年 6 月 30 日時点 Vintage は「fully syndicated / 抵当外融資は返済済み」という言い方はスポンサーの主張である。後の Vintage IB 訴状は残余 IB 持分と未払いブリッジを主張する。
年表
- 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.