America’s
Build to Suit
Capital Partner
Capital solutions for developers both large and small since 2011.
Envoy Net Lease Partners specializes in build-to-suit construction financing of single-tenant net lease medical, retail, office and industrial properties — providing up to 100 percent loan-to-cost financing in the form of construction loans, bridge loans and ground lease A/D loans, as well as JV equity financing, for commercial projects located anywhere in the U.S. As one of the top capital providers in the net lease market, we have the resources, know-how and track record to offer what other lenders often cannot.
The benefits of working with Envoy include:
Ample funding capacity. Backed by an institutional investor with $15 billion assets under management, Envoy has a deep pool of capital to finance single development projects and multi-property pipelines.
Certainty of execution. Envoy is a small firm and can make decisions quickly. Our process is streamlined, without the red tape, so once the paperwork is done, a borrower is good to go for all future transactions.
Competitive pricing. With ample capital, Envoy is able to offer some of the lowest-cost debt financing in the build-to-suit construction lending market, especially for projects leased to investment-grade tenants.
UP TO 100% LTC FINANCING FOR BUILD-TO-SUIT DEVELOPMENT PROJECTS.
With a virtually unlimited capital supply at hand, Envoy has the wherewithal to accommodate nearly all of a developer’s financing needs, up to $20 million per property for commercial properties.
Our institutional backing makes it possible for us to act as a single capital source to borrowers — the most efficient way for developers and tenants to fund large multi-property pipelines. Not to mention, the lowest cost option when compared to traditional bank debt. What’s more, Envoy doesn’t require a developer to sell immediately following construction. Instead, the developer retains full control of the property.
Let's talk financing.
Over the next two years, Envoy expects to originate more than $200 million of build-to-suit construction loans for medical, retail, office and industrial projects located anywhere in the U.S. If you need funding for a project, let’s set up a time to talk about financing solutions.
We will not, in any circumstances, share your personal information with other individuals or organizations without your permission. You can opt out at any time.
Experienced.
Responsive.
Knowledgeable.
Our story.
Envoy Net Lease Partners was founded in 2011 to give commercial real estate developers and owners access to nationwide capital to finance their build-to-suit projects — delivering more personal attention and care than an institutional lender, and eliminating the geographic restrictions and red tape of traditional banks.
Based in greater Chicago, Envoy has recently expanded its capacity through a joint venture, ensuring we can accommodate virtually all of a borrower’s financing needs and act as a single, repeatable capital source. Our mission remains the same: providing up to 100 percent loan-to-cost financing in the form of high-leverage construction loans, bridge loans and ground lease A/D loans, as well as JV equity financing. Our people are smart, hard-working, and ready to help you solve financing challenges to keep your pipeline moving.
Meet with us.
Envoy Net Lease Partners specializes in the funding of single-tenant net lease medical, retail, office and industrial properties — providing up to 100 percent loan-to-cost financing for build-to-suit projects.
Management Team
PRESIDENT & MANAGER
Ralph N. Cram, CFA, CRE
Education
UNIVERSITY OF WISCONSIN – MADISON WISCONSIN SCHOOL OF BUSINESS
M.S., Real Estate Appraisal & Investment Analysis
KALAMAZOO COLLEGE
B.S., Economics
Activities & Affiliations
- Licensed Real Estate Broker, State of Illinois
- Chartered Financial Analyst, since 1995
- Counselor of Real Estate, since 2009
CHIEF OPERATING OFFICER
Eric Spokas
Eric brings to Envoy more than 25 years of banking and real estate finance experience with an extensive background in commercial lending, Small Business Administration (SBA) loan programs, operations management credit risk and compliance. He is responsible for taking the company’s commercial real estate transactions from term sheet to closing and overseeing the asset management of Envoy’s loan and property portfolio. Prior to Envoy, Eric was President and CEO of Chicago-based SomerCor, a Top-25 nationally ranked Certified Development Company (CDC) for SBA 504 loans designed to provide Illinois entrepreneurs with financing for the purchase of commercial real estate, machinery and equipment. At SomerCor, Eric oversaw a loan portfolio of nearly $500 million, comprising close to 1,000 loans to Illinois entrepreneurs. Eric previously had served as the organization’s Chief Operations Officer and Chief Credit Risk Officer.
Education
DEPAUL UNIVERSITY’S CHARLES H. KELLSTADT
GRADUATE SCHOOL OF BUSINESS
MBA, Finance
LOYOLA UNIVERSITY CHICAGO
B.S., Biology, Cum Laude
VICE PRESIDENT – DUE DILIGENCE
Sarah Maynard
Sarah is Vice President – Due Diligence at Envoy Net Lease Partners.
Her responsibilities include managing the due diligence and closing process for Envoy’s property acquisitions, high leverage loan programs and joint venture investments. She works directly with Envoy’s COO, Eric Spokas, on all aspects of project analysis and the closing process.
Prior to joining Envoy, Sarah was a Senior Loan Processor and Closer at Marcus & Millichap Capital Corp’s Chicago office. During her tenure there, she worked on closing 330 transactions totaling over $938 million. She has over 10 years of commercial finance experience and brings a thorough understanding of the closing process to Envoy. Sarah is originally from Southern Wisconsin, where she began her career in CRE at a Community Bank.
Education
CONCORDIA UNIVERSITY
B.A., Business Management
Cum Laude
BUSINESS DEVELOPMENT
Ronald Max
Education
B.S., Accountancy
Activities & Affiliations
- Certified Public Accountant
ENVOY ADVISORY BOARD
Donald DeVivo
Mr. DeVivo serves as a Managing Director at Zesiger Capital Group LLC. For most of the 1980’s, he was working for the United Nations providing research and advisory services to Boards of Investment in the area of foreign direct investment and capital market development. In 1990 he and a partner founded several ventures in Vietnam, including Indochina Building Supplies Pte. Ltd. and Megastar Media. Mr. Devivo initially joined Zesiger Capital Group in 2000 with responsibilities primarily as portfolio manager in the international sector. Between June 2005 and December 2008, he was a Managing Partner of Caravel Management. He rejoined Zesiger Capital as of January, 2009. In addition to his responsibilities for the emerging market portfolio at Zesiger Capital Group, Mr. Devivo also sits on the boards of LRM Industries, Apiqe Ltd., Envoy Net Lease Partners and Vanguard Hotels Pte. Ltd.
Education
UNIVERSITY OF TORONTO
Ph.D., Philosophy
VASSAR COLLEGE
B.A., Physics
Your go-to source for construction financing.
Envoy can fund your entire pipeline.
Envoy is the preferred build-to-suit lending partner for developers and corporate users in the medical, retail, office and industrial property segments.
Backed by an institutional investor with $17 billion AUM, Envoy has an unlimited reserve of capital to fund both single development projects and multi-property pipelines — offering up to 100% LTC financing for build-to-suit projects in one loan with no back-end participation. Our institutional backing makes it possible for us to act as a single capital source — the most efficient way for developers and tenants to fund large multi-property pipelines.
With our sole focus on financing net lease properties, our proven track record with developers and some of the lowest-cost debt financing in the build-to-suit construction lending market, you can rely on Envoy to get you the funding you need to make your project happen. Since 2013, we have closed over 106 transactions in the U.S. totaling more than $300 million of project costs — and we’re just getting started. Over the next two years, we expect to originate more than $200 million of build-to-suit construction loans.
Long-term, our goal is to continue to be the most reliable, most trusted capital source for developers in the net lease lending market.
Meet with us.
Envoy Net Lease Partners specializes in the funding of single-tenant net lease medical, retail, office and industrial properties — providing up to 100 percent loan-to-cost financing for build-to-suit projects.
Funding for one-off projects and special situations.
In keeping with our mission of being our clients’ go-to source of capital, we offer a wide variety of financing solutions to meet virtually every challenge a borrower comes up against — handling your funding needs for deals large and small, today and tomorrow.
BRIDGE LOANS
Envoy offers up to 90% loan-to-purchase price for short-term bridge loans for net lease properties in transition. The program is tailor-made for short-term situations such as re-tenanting vacant single tenant buildings, net lease property acquisitions with lease extension opportunities, sale/leaseback transactions, and ownership recapitalization.
GROUND LEASE LOANS
Envoy’s ground lease loan program offers up to 100% LTC financing for acquisition of the land and development of the site improvements which will be leased to a tenant who will build and own their own building. Unlike other lenders, Envoy has the flexibility to fully fund ground lease loans (whereas traditional banks finance up to just 85% of the cost) and requires no back-end profit participation.
JV EQUITY
Envoy is one of the most reliable sources of joint venture equity for net lease properties. We specialize in smaller projects with emphasis on deals between $1 million and $8 million. We fund up to 100% of the project equity based on location, tenant and developer track record, with equity not to exceed 25% of project costs.
A capital source with a
proven track record.
128 closed deals and counting….
7-Eleven. Chick-fil-A. Starbucks. Dollar General. CVS Pharmacy. Pain Treatment Centers of America. And many more build-to-suit projects across the nation.
Since 2011, developers large and small have turned to Envoy to fund the construction of single projects and multi-property deals alike. And for good reason. Experienced developers trust Envoy to get the capital they need — when they need it — to bring their deals to fruition. Whether it’s a retail outlet or a medical facility, a simple build-to-suit or a more challenging situation like an ownership recapitalization or ‘blend and extend’ transaction, developers turn to Envoy again and again because they know Envoy will do what it takes to make their deals happen
Construction loans. Bridge loans. Ground lease loans. JV equity.
Whatever the situation requires, experienced developers rely on Envoy for the capital to get their deals done.
Meet with us.
Envoy Net Lease Partners specializes in the funding of single-tenant net lease medical, retail, office and industrial properties — providing up to 100 percent loan-to-cost financing for build-to-suit projects.
Recent Projects
- Sheetz - Franklin, OH
- Sunbelt - Cranberry, PA
- Sheetz - Pickerington, OH
- 7 Eleven - San Marcos, TX
- Caliber Collision - Rome, NY
- Circle K - Fort Myers, FL
- Sunbelt - Westfield, IN
- Chef's Store - Helena, MT
- Dutch Bros - Lee's Summit, MO
- Pet Suites - St Charles, IL
Here’s what’s
been happening.
What’s new and what’s next.
Meet with us.
Envoy Net Lease Partners specializes in the funding of single-tenant net lease medical, retail, office and industrial properties — providing up to 100 percent loan-to-cost financing for build-to-suit projects.
Envoy’s team is on the move. We’re speaking, sponsoring and attending key industry conferences across the U.S. and coming to a city near you. Schedule a meeting with Ralph Cram at one of our upcoming events.
Envoy announces its fifth acquisition, Sunbelt Rentals, for its new Net Lease Fund.
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Envoy Announces Sale of Single Tenant Property
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Envoy announces its fourth acquisition, Verizon Wireless, for its new Net Lease Fund.
Download Press Release
Envoy announces its third acquisition, Flowers Foods, for its new Net Lease Fund.
Download Press Release
Envoy announces its second acquisition, a Dollar General store, for its new Net Lease Fund.
Download Press Release
Envoy announces its fifth acquisition, Sunbelt Rentals, for its new Net Lease Fund.
Download Press Release
Envoy Announces Sale of Single Tenant Property
Download Press Release
Envoy announces its fourth acquisition, Verizon Wireless, for its new Net Lease Fund.
Download Press Release
Envoy announces its third acquisition, Flowers Foods, for its new Net Lease Fund.
Download Press Release
Envoy announces its second acquisition, a Dollar General store, for its new Net Lease Fund.
Download Press Release
Ralph Cram interview with SBC March 2021
Ralph Cram interview with SBC March 2021
Tom English
Testimonial by Tom English, founder of Tom English Retail Real Estate
Joe Brady
Envoy’s interview of Joe Brady, Divisional Vice President of Real Estate of Walgreens https://vimeo.com/337824645https://vimeo.com/337824873https://vimeo.com/337825306
Investors Welcome
Envoy Stable Investment Fund
Net Lease Investor Fund- Closed in December 2022
- Acquired 5 properties in 5 states
- Holding period 3-5 years
Advisory Services
Segregated Account Opportunity
Envoy is seeking a singular investor to work with Envoy to purchase $50-100M of net lease assets per year into their segregated account as part of an alternative fixed income strategy.Current Investors
Current Investors
Need Capital?
Let's talk business.
To meet with an Envoy team member or get a quote for your build-to-suit project, please provide a few details by submitting the form below. Envoy seeks qualified BTS projects and developer clients anywhere in the continental U.S. Our property types include medical, retail, office and industrial. To see Envoy’s upcoming conferences, see our event schedule here.