OPENCREXCRE CREDIT MARKETS
CREDIT TRADING DESKINSTITUTIONAL WORKSPACE
Illustrative assets, desk names and quotes
NOTE MARKETUSD · Clean price / $100 principalSenior · Mezzanine · Preferred
CREX-MF0197.25 / 97.75Dallas / Atlanta · Senior note
CREX-HT0294.50 / 95.25Orlando · Senior note
CREX-IN0399.10 / 99.60Phoenix · Senior note
CREX-MO0496.60 / 97.10Charlotte · Senior note
Paper / underlying collateralBid / ask · desksPrincipal / yieldPosition
CREX-RE05 · Preferred equity

Grocery-anchored retail

Collateral: Retail · Tampa

Subordinate · Matures Sep 2028
Bid / ask91.80 / 93.20Harborline Credit / Northgate Asset Partners
Principal / yield$8,000,000 / 11.60%LTV 72% · Whole note / interests
CREX-IN03 · Senior note

Last-mile logistics

Collateral: Industrial · Phoenix

Performing · Matures Mar 2029
Bid / ask99.10 / 99.60Meridian Debt Strategies / Cedarstone Capital
Principal / yield$32,000,000 / 7.36%LTV 56% · Whole note / interests
CREX-MO04 · Senior note

Medical office portfolio

Collateral: Office · Charlotte

Performing · Matures Dec 2027
Bid / ask96.60 / 97.10Cedarstone Capital / Harborline Credit
Principal / yield$12,500,000 / 9.04%LTV 60% · Whole note / interests
CREX-HT02 · Senior note

Select-service hospitality

Collateral: Hospitality · Orlando

Refinance watch · Matures Jun 2027
Bid / ask94.50 / 95.25Northgate Asset Partners / Meridian Debt Strategies
Principal / yield$18,000,000 / 10.18%LTV 66% · Whole note / interests
CREX-MF01 · Senior note

Sunbelt multifamily pool

Collateral: Multifamily · Dallas / Atlanta

Performing · Matures Oct 2028
Bid / ask97.25 / 97.75Harborline Credit / Northgate Asset Partners
Principal / yield$24,000,000 / 8.42%LTV 62% · Whole note / interests
CREX-MF06 · Mezzanine note

Workforce housing bridge

Collateral: Multifamily · Houston

Lease-up · Matures Feb 2027
Bid / ask88.25 / 90.00Northgate Asset Partners / Meridian Debt Strategies
Principal / yield$6,500,000 / 13.20%LTV 75% · Whole note / interests

Price discovery

CREX-MF01

Senior note · Sunbelt multifamily pool · Click a row's View note for terms.

BUYING DESKBID / FACEASK / FACESELLING DESK
Harborline Credit97.25$3,000,00097.75$1,000,000Northgate Asset Partners
Northgate Asset Partners97.00$2,000,00098.00$2,000,000Meridian Debt Strategies
Meridian Debt Strategies96.75$1,000,00098.25$3,000,000Cedarstone Capital

Market activity

Illustrative desk flow · not executed trades

09:42 · CREX-MF01

Harborline Credit

Bid updated · 97.25 / $3M

09:39 · CREX-IN03

Northgate Asset Partners

Offer posted · 99.60 / $1M

09:36 · CREX-HT02

Meridian Debt Strategies

Interest indicated · $2M principal

Discover→Price→Agree→Consent→Settle