A number of apartment deals have come into our shop recently that have required mezz (often structured as preferred equity) behind both agency and non-agency debt. There are quite a few excellent players in this niche that are able to do positions as small as $1,000,000 and up to $35,000,000. Today we spoke with a player in this niche that can do up to 10-year terms at attractive rates. In addition this same group will do JV equity for cash-flowing apartments and is focused on higher cap rate deals, which leads them to secondary and tertiary markets nationwide. This accommodates an underserved niche in our view. We would love to show this group solid C+ and better quality cash-flowing apartment deals in markets that aren’t experiencing extremely tight cap rates.