2016
Founded
$0
Financed
0
Deals Closed
EXPERIENCE | FLEXIBILITY | SPEED | EXECUTION
Silver Heights Capital specializes in fast, flexible debt solutions specifically tailored to individual projects.
We provide an attractive alternative to the rigid and often cookie-cutter offerings from banks and other lenders.
Our disciplined and repeatable process to identify, diligence and structure deals leverages proprietary origination channels and our team’s deep real estate expertise and experience.
RELIABLE NIMBLE INSTITUTIONAL
WHO WE ARE
Silver Heights Capital is an alternative asset-based lender focused on commercial real estate bridge loans secured by hard assets.
WHAT WE DO
We specialize in customized debt solutions for builders and developers that blend speed and certainty of execution with flexibility throughout a loan’s lifecycle.
Silver Heights Capital Lends Nationwide
“We started in the tri-state area and have organically grown across the country”
OUR EDGE
EXPERIENCE
We leverage the knowledge and network cultivated through firsthand experience developing our own projects to add value beyond just capital.
APPROACH
Guided by a nuanced understanding of our borrowers’ needs and critical pressure points, we deliver a collaborative partnership characterized by mutual respect and adaptability.
RELATIONSHIPS
Deep and enduring relationships are the cornerstone of our business. The trust and loyalty we’ve earned is most evident in the significant number of repeat borrowers within our portfolio.
BORROWERS
Specializing in time-sensitive bridge loans and customized debt solutions
LENDING PARAMETERS
Property Types
Most commercial and non-owner occupied residential
Geography
Nationwide
Size
Specialize in $1,000,000 – $50,000,000
Security
1st lien, 2nd lien, A&B pieces, note-on-note, mezzanine
Term
6 – 30 months
Loan Rate
Starting at [SOFR + 800bps]; fixed-rates available
Leverage
Up to 70% loan-to-value (LTV) / 80% loan-to-cost (LTC)
Amortization
Interest-only (I/O)
Time-to-Close
2 – 4 weeks
Servicing
In-house
LOAN TYPES
*click on icons to learn more
Acquisition
Adaptive Reuse
Asset Stabilization
Construction / Rehab
Discounted Note Payoff
Fix & Flip
Foreclosed Properties
Land
Note Acquisition
Portfolio Aggregation
Refinancing
Rescue Financing
Acquisition
Used for the purchase of a specific asset. Typically employed as a short-term bridge by a borrower in a time and/or liquidity crunch until a conventional loan can be secured.
Adaptive Reuse
Financing to support the redevelopment or renovation of an existing building or property for a new purpose. Property conversion can often be more attractive than a new build and can benefit from tax credits and other incentives. A popular example would be conversion of a vacant factory space to residential lofts.
Asset Stabilization
Temporary financing to address cash flow shortfalls and/or fund improvement strategies for a distressed or underperforming asset. Stabilization plans may involve property renovation or upgrade, debt restructuring, and funding of operational and/or marketing improvements.
Construction / Rehab
Used to finance the construction or rehabilitation of a commercial or investment property. Funds are typically advanced incrementally as work progresses. Often closed in parallel with an acquisition loan.
Discounted Note Payoff
Loan to acquire distressed or non-performing debt obligations at a reduced cost (typically below the outstanding balance owed). Sellers may be banks, other financial institutions or distressed debt investors. The investment strategy often revolves around debt modification, accelerated foreclosure or other workout options.
Fix & Flip
Typically used for the purchase and renovation/rehabilitation of an undervalued or distressed property to improve its condition and increase its market value. Often short tenor with a time-sensitive close.
Foreclosed Properties
Used to refinance or purchase distressed debt held by another lender or bank (i.e. REO). Often involves the contemporaneous execution of a forbearance agreement when a property is currently in foreclosure. Can also be used to facilitate time-sensitive purchase of discounted notes.
Land
Used exclusively for the purchase of raw or underdeveloped land and/or improvements tied to suitability (i.e. site assessment, clearing & grading, utilities, water, environmental, permitting, regulatory, infrastructure, etc.)
Note Acquisition
Used to finance the opportunistic purchase of both distressed and performing debt instruments (mortgage notes, promissory notes, loans) backed by CRE. Borrowers are typically exploiting a combination of favorable terms and discounted value. Time is often a key variable.
Portfolio Aggregation
Allows borrower to consolidate multiple existing loans or debts into a single loan. Primary goals are capital cost reduction and simplification of debt management.
Refinancing
Financing to replace an existing mortgage or loan on a commercial property with a new loan. Typically allows borrower to adjust financing terms (i.e. term extension, cost-of-capital, amortization schedule) or pay out a dividend to the equity holder(s).
Rescue Financing
Immediate liquidity for a stressed/distressed property or project to address financial challenges such as loan default, impending foreclosure, and capital shortfalls for construction, renovation and/or turn-around. Can be highly customized and often includes creative collateralization with additional security and other protections.
STRATEGY
Bridge loans are an attractive alternative fixed-income asset class
DOUBLE-DIGIT YIELD WITH A SUPERIOR RISK PROFILE
Loans secured by real estate with LTVs less than 70% and interest rates between 10-15% offer compelling absolute and relative value with a substantial margin of safety.
Our bridge loans can mitigate a wide variety of case specific risks through a combination of strong asset coverage and tailored structuring.
Our portfolio is uncorrelated with the broad public debt and equity markets.
WHAT SETS US APART
A compelling and uniquely attractive product for both our borrowers and investors that features transparent, rapid and responsive communication.
A robust platform for institutional management of every facet of our business including:
- Origination, diligence and structuring
- In-house servicing and monitoring
- Portfolio construction
- Risk-management
- Operations and communication
OPPORTUNITY
We have generated favorable and consistent returns across market environments by applying a systematic and repeatable methodology to our proprietary deal flow.
Meet The Team
Leadership
TOMMY HAENDLER
Managing Partner
SETH GREENWALD
Managing Partner
JON STEEL
COO, Portfolio Manager
TEAM
Zev Nijensohn
Managing Director, Head of Business Development
James (PT) Lucchesi
Head of Underwriting
SCOTT HERCKIS, CPA
CFO
Karen Greenfield
Controller
Daniel Bedard, CPA
Accounting
Julie Magnano
Compliance and Administration
Jay Cespedes
Associate, Underwriting and Construction Management
Michael Rahner
Analyst
Tommy leads Silver Heights Capital’s strategic ventures and partnerships and serves as Chairman of the firm’s Investment Committee. Tommy has extensive real estate experience as an owner-manager of large rental properties, as well as a lender, land developer and builder. Current and past projects include luxury single-family homes and condominiums in the Northeast and Florida, as well as numerous rehab projects, diverse in size.
Tommy began his career in private equity, identifying, funding and directing businesses in various industries including biotech, software and travel. Tommy is fluent in five languages and holds degrees from Hebrew University of Jerusalem in Economics and International Relations as well as a Masters and ABD in Economics from the University of Chicago.
Seth Greenwald
Seth heads the firm’s origination and capital raising efforts while also managing loans throughout their life cycle. Seth is a member of the firm’s investment committee. Before joining Silver Heights, Seth worked as a Vice President of Homewood Capital, where he sourced, analyzed and monitored investments, while working closely with the management teams of portfolio companies on strategic initiatives.
Prior to Homewood Capital, Seth was an Investment Analyst at Bay Harbour Management, a distressed credit and special situations focused hedge fund, and an investment banking Analyst at Merrill Lynch. Seth began his career as a management consultant at Deloitte Consulting, working in a variety of strategic roles across industries. Seth holds a BA from The University of Richmond.
Jon Steel
Jon focuses on portfolio management, research and strategy as well as the operational activities of the firm. Jon is a member of the firm’s investment committee. Prior to joining Silver Heights Capital, Jon worked as a Senior Vice President and Senior Portfolio Manager at HIMCO, the insurance asset management arm of The Hartford insurance company where he managed the firm’s consumer and commercial asset backed bond portfolios.
Before The Hartford, Jon was a Portfolio Manager and Trader at Ramius Capital Group, now Cowen & Co, focused on non-agency residential mortgage backed securities and global macro trading. Jon began his career at Lazard Asset Management supporting the agency mortgage trading desk and broader fixed income platform. Jon holds a BS from the University of Delaware and an MBA from Pace University.
Zev joined the firm in 2024 and focuses on strategy, capital management and business development.
Prior to joining Silver Heights, Zev was a Managing Director at Covalent Partners, a credit focused hedge fund. Before that, he was a Senior Managing Director and Senior Portfolio Manager at The Boston Company, a subsidiary of BNY Mellon, where he co-headed an alternatives unit focused on MLPs and event-driven strategies. These were created and developed at Pine Cobble Capital, a hedge fund he co-founded and ultimately transitioned to BNY in a strategic deal.
Zev began his investing career at Spectrum Equity, where he originated, funded and managed growth equity and LBO investments in media, telecom and business services companies. He then joined Empyrean Capital, a multi-strategy, event-oriented hedge fund. Zev holds an AB from Dartmouth College.
PT leads the underwriting team of SHC. PT has over two decades of real estate development experience ranging from acquisitions, land entitlement, ground-up development, and financing transactions encompassing private equity and institutional capital infusion.
Earlier in his career, PT was the President and CEO at YouthStream Media Networks. During this tenure, he navigated mergers and acquisitions as well as significant capital raises. PT earned a BA from Georgetown University and an MBA from Harvard Business School.
Scott is the Chief Financial Officer of SHC and brings 25+ years of finance and accounting expertise.
Prior to joining Silver Heights Capital, Scott spent ten years leading cross-functional accounting and finance teams in the fashion industry. Scott began his career at Arthur Andersen with a focus on the consumer product and service sectors. Scott holds a BS from The University of Texas at Austin and is a Certified Public Accountant.
Karen is the Controller of SHC and its affiliates. With 20+ years of experience, Karen leads the treasury activities of the firm in addition to overseeing the accounting systems, reporting, HR, and investor relations activities of the firm.
Prior to joining Silver Heights Capital, Karen was instrumental in running the financial operations of several multifamily developers and catering to diverse stakeholders such as builders, developers, and lenders. Karen’s holds a BS from Pace University.
Julie is a member of the accounting team focused on loan accounting and reporting as well as regulatory compliance.
Prior to joining Silver Heights Capital, Julie was head of operations for a CT based residential developer. Julie holds a BA from Lafayette University and an MA from Columbia University.
Jay contributes to the portfolio and underwriting functions of SHC as well as oversees the execution of ground-up developments while supervising construction loan draws within the portfolio.
Before joining Silver Heights Capital, Jay served as a Project Manager at Zoom Developers where he actively managed the lifecycle of real estate projects from inception to completion. Jay holds a BS from The Pontifical Xaverian University and an MS from Columbia University.