Trellis structured a preferred equity investment in the recapitalization of a fully leased mixed-use asset in a core New York submarket. The investment sits behind significant sponsor equity in a high-quality property with experienced ownership.

Contractual rent escalations embedded in the existing leases are expected to drive property value higher over the hold period, supporting a clear refinancing exit path. Proceeds at close paid down existing senior debt and funded a lease modification generating incremental cash flow.