Cimbra Partners
Cimbra Partners

How we make it attractive for Co-GPs?

We allow a one-time step up on incurred expenses

We anchor the deal and can share in pre - development expenses

We do not participate in more than 25% of the development fees

We help raise LP equity

We do not expect to participate in LP promote from investors outside of our network

Some of Our Partners

Project Underwriting Parameters
Ground-Up Development Value-Add
Cimbra Partners Co-GP equity $3 to $5 million; additionally, we can raise LP equity (flexible on this amount but typically $10 to $15 million)
Target minimum IRR (project level) 20% 15%
Target minimum equity multiple 2.5x on build to rent 1.7x on build to sell 2.0x+
Leverage LTC up to 70% LTV up to 75% and DSCR of 1.2x
Project hold/life 5-8 years from start of construction to sale for build to rent; 3 years for build to sell 5 years (may go longer depending on yield and/or proceeds from a refinance)
Other financial metrics Target 75%+ capital recovery after 36-48 months through refinance (on build to rent) Yield on equity of 7%+ upon stabilization