TERRA FIRMA CAPITAL CORPORATION

Thesis

Terra Firma Capital Corporation is a real estate finance firm founded in 2007 and headquartered in Toronto, Canada. Their investment thesis centers on land banking and development financing in high-growth residential markets, as well as loans on residential income-producing properties. They offer a range of customized financing products, including first and second mortgages, mezzanine financing, equity investments, and land banking opportunities. The company structures financing for both residential and commercial development projects, with a strategy focused on shorter-term loans (1-5 years) to bridge transitional periods for developers. They are currently deploying capital from their third investment vehicle, the Terra Dwight Residential Credit Fund III, and manage two dedicated debt funds, with a third in the pipeline. As of December 31, 2022, Terra Firma reported $132.9 million in AUM and $109.0 million in future funding commitments. The company was acquired and privatized by Y. Dov Meyer and Seth Greenspan through GM Capital Corporation on October 27, 2023, and is now privately held. They focus on urban and suburban developments and provide active management and flexible transaction structuring.