Private credit in commercial real estate

Own the cash flow institutions overlook.

Nectar provides capital to experienced commercial real estate owners, typically structured as preferred equity or mezzanine financing. We focus on lower middle market multifamily — 50 to 200 units — a segment most institutional players consistently ignore because the deal size won't support their overhead. We source, underwrite, and service every position ourselves, and we retain at least 10% of every deal, so our interests stay aligned with our investors'.

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Two ways to invest

A portfolio approach — The Fund

Nectar Fund II

Fractional participation across a seasoned book of active positions rather than exposure to a single transaction.

Diversified by sponsor, geography and property type in a single allocation.
A fixed annual coupon of 10% or 12% by share class, paid quarterly.
No deal-by-deal decisions — Nectar selects and services the book.
IRA eligible, reported on a Schedule K-1.

Annual coupon: 10–12%
Distributions: Quarterly
Lock-up: 12 quarters
WA combined LTV: 60.7%
WA total DSCR: 1.40x
Distributions paid: 100%

Full terms, portfolio composition and holdings are available once you're signed in.

Individual Co-Investments

Pick your positions

Buy directly into individual positions Nectar has already underwritten and funded.

Choose the asset, sponsor and market yourself — nothing is blind.
See the coverage, the contracts and the payment schedule before you commit.
Yields are set per position rather than by a fund-level coupon.
Take up to 90% of a position; Nectar holds the rest on the same terms.

Weighted average yield: 13.3%
Revenue cushion: 14%
Combined LTV: 61%
Cash flow coverage: 1.98x

Weighted averages across the positions currently available. Revenue cushion is how far revenue can fall before a position stops covering its payment.

Track record

45 full-cycle deals

Nectar has been providing capital to commercial real estate sponsors since 2021 — 150+ transactions and $50M+ deployed across 29 states. Of those, 45 positions have gone full cycle since 2022: $15.3M advanced, $19.6M returned, across multifamily, single-family rental and hospitality assets. They were underwritten at 43 months on average and closed in 18; 34 of the 45 repaid ahead of their stated term. Fund II has paid 100% of the distributions owed to its investors. Five of those positions are below.

Positions repaid in full: 45
Average realized term: 18 months
IRR on all full-cycle deals: 18%

8 of 144 positions have been charged off: $2.8M advanced against $1.7M recovered, a net loss of 2.2% against all capital deployed. All of them are 2022 and 2023 vintages written as revenue assignment agreements — none in preferred equity, and none since June 2024. Fund II distributions were paid through them because Nectar absorbed the losses, not because they didn’t happen. Figures as of March 2026.

The housing thesis

Nectar's capital goes to the local and regional operators who own and maintain much of the country's workforce housing. What limits how much of it they can acquire, keep and improve is liquidity at the company level, not at the building. The argument — and what we can and can't evidence about it yet — is set out separately.

Read the housing thesis

How the process works

01
Get verified
We confirm your accreditation and add you to the investor list. One time, then you're in.
02
Review the positions
See what's currently available: metrics, memos, contracts, and payment schedules for each position.
03
Commit
Tell us the amount — anything up to 90% of the position. We confirm the allocation and send the subscription documents.

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