Real estate debt, and the equity behind it.
Two platforms run off one underwriting standard. Debt is the core — senior, mezzanine and bridge positions secured by real property. Equity is selective, taken where the credit work has already built the view.
Real Estate Credit
We originate loans and acquire debt instruments across the capital structure, seeking stable, predictable income from interest payments while keeping capital preservation ahead of yield.
Capital is allocated across senior loans, mezzanine debt and bridge financing rather than concentrated in a single instrument. The emphasis is on asset-backed positions with strong collateral coverage and conservative loan-to-value ratios, so that the security package — not the growth assumption — carries the return.
Where capital goes
Senior secured loans
First-lien positions on stabilised and transitional assets, sized to conservative loan-to-value.
Mezzanine debt
Subordinate positions behind institutional senior debt where the equity cushion supports the risk.
Bridge financing
Short-duration capital for acquisition, lease-up and recapitalisation with a defined exit.
Real Estate Equity
Selective equity and equity-linked positions in the property types and markets the credit platform already underwrites, pursued for capital appreciation rather than current income.
Equity exposure is taken where our lending activity has already given us a view on collateral, sponsor and market — including equity instruments and derivatives attached to debt investments. Positions are underwritten to an identified exit, not an indefinite hold, and sized so that a single asset cannot define the portfolio.
Where capital goes
Joint venture equity
Capital alongside operating partners with alignment on fees, control and downside.
Structured equity
Preferred and participating positions that sit between senior debt and common equity.
Special situations
Distressed and dislocated positions where existing capital structures need resolving.
The mandates the platforms are run through.
Each vehicle has a mandate of its own, and capital committed to one is not deployed into another. Terms are described only in the offering documents for the vehicle concerned.
Real estate credit
Northcap Debt
Originated and acquired debt secured by real property — senior, mezzanine and bridge positions underwritten to conservative loan-to-value.
Real estate equity
Northcap Equity
Selective equity and equity-linked positions in the property types the credit platform already underwrites, taken to an identified exit rather than an indefinite hold.
Regional mandate
Northcap South Florida
Credit and equity concentrated in the South Florida markets the firm underwrites from its own desk, where knowledge of the collateral and the sponsors is closest to hand.
Impact mandate
Specialized Economic Impact Fund
Positions in projects the manager believes carry an economic development benefit for the communities in which they sit, held to the same underwriting standard as every other vehicle.
Residential mortgages only
Northcap Asset Backed Mortgage Fund
Mortgage assets secured by residential property. The mandate is residential only — commercial collateral sits outside it.
Life sciences
VitaNova Fund
The one mandate outside real estate. VitaNova Capital is capitalizing a peptide manufacturing and compounding platform in the United States — qualified manufacturing, licensed compounding, and the GMP facilities that house them.
More on this vehicle
The four questions asked of every position.
Key underwriting criteria are fixed rather than negotiated per deal. A position that requires one of them to be relaxed does not reach the investment committee.
The underwriting process- Collateral
- Quality real property with demonstrable coverage
- Leverage
- Conservative loan-to-value at origination
- Borrower
- Creditworthiness evidenced, not assumed
- Duration
- Matched to a defined and testable exit