A Private Family Office Insights Webinar Introducing North Field Capital

Why It Matters

This structure could fill a gap left by banks retreating from lower‑LTV CRE lending, giving family offices and other private investors access to insulated, higher‑yield tranches backed by insurance capital and potentially improving portfolio yields with lower tail risk. It signals growing institutionalization of specialty CRE credit that may reshape how middle‑market real estate is financed.

Summary

North Field Capital presented a specialty commercial real estate lending platform that originates secured first‑lien loans at conservative 0–50% loan‑to‑value and funds them with a two‑tiered capital structure: 90–95% insurance‑backed, investment‑grade notes and 5–10% higher‑yielding junior tranches for private investors. Founders Tom Benango and Jake Baker pitched this as a risk‑adjusted way to capture double‑digit returns (targeting roughly 12–15% IRR on the junior piece) while protecting principal via long-dated, non‑accelerating structures inspired by CPACE financing. They emphasized their operational experience navigating COVID and rising‑rate stress, and positioned the product as a scalable alternative to traditional bank back‑leverage lending. The vehicle is designed to provide downside protection for yield-seeking allocators while enabling sponsors who need stable first‑lien financing.

Original Description

A private Family Office Insights Webinar introducing North Field Capital, a platform that originates whole-loan first lien bridge and construction debt financing secured by commercial real estate and retains subordinate B-notes structured to materially improve the traditional junior debt risk profile.

NFC takes the conservative 50% LTV lending model typically funded by banks and replaces it with insurance-backed A-note capital using rating and structure, providing subordinate B-note investors with protections that historically would not benefit a junior position in a similar investment.

With B-notes targeting between 10 to 13% IRR, NFC’s strategy is designed to create one of the most attractive risk-adjusted return profiles available in the subordinate real estate debt market today.

NFC’s partners will co-invest alongside B-note investors on all transactions, and NFC will not charge a promote on B-note investor capital. An initial $10mm B-note investment opportunity across two institutionally owned properties is available at sub 50% LTV and double-digit returns. The transaction is expected to close in May with approximately $85mm of A-note financing provided by a multi-trillion-dollar global asset manager.

NFC’s partners have experience at Starwood Capital Group, Morgan Stanley Global Capital Markets, and private real estate ownership/development/lending in New York City and nationally.

Learn more at www.NF-Cap.com