Initially, the Fund will buy discounted pools of commercial mortgage debt and originate first mortgage and mezzanine loans on high-quality commercial real estate properties.

首先，这期基金将用于以一定的折扣购买商业抵押贷款债务，并建立第一期针对高端商业房产的按揭房贷。

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It is structured with a parent company running various funds, each of which targets a different kind of debt, from senior secured to mezzanine, tied to the risk preferences of investors.

它由一家母公司同时运营几个基金，每个基金对应一种不同的债务，从优先担保债务到夹层债务[ii]，由投资者偏好决定。

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Mezzanine debt is tightening to compete with unitranche rates, which are under pressure as well, sources say.

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Many private-equity firms have long had mezzanine or distressed-debt funds.

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There is no junior debt in the capital structure, and that highlights another party fighting for business: mezzanine providers.

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