Private Single Asset & Borrower Financing
Highly customizable set of solutions structured around conventional mortgage capital needs.
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Private Single Asset & Borrower Financing (PSAB)
What is PSAB?
- Traditional CRE Mortgage
Financing structured as a traditional first mortgage, typically as an interest only instrument, either fixed or floating.
- Additional flexibility
Ability to offer a tailored product to fit our client’s needs with option to iterate on structure, term, and other key deal variables.
Allows for an iterative experience and a dynamic ability to assess different points of efficiency within the marketplace.
products & contract types
Industrial
Office
Retail
Mixed use
Student housing
Multifamily
Additional alternative asset types (case by case: i.e. Senior housing, data centers, self-storage)
Size
Typically, $25mm - $300mm
Term
Typically, 3 – 20 years
Asset Types
Stabilized retail, industrial, office, hotel, multifamily and student housing
Geography
Top 40 MSAs
Security
First mortgage on fee simple interest
Pricing
Competitive to conduit spreads and/or CLO spreads (spread over SOFR swaps)
Fixed/Floating
Both available
Leverage
50-65%
Amortization
Various (typically I/O or 30-year amortization)
Prepayment
Customized per sponsor business plan
Early Rate lock
Available
Rating Agency
Yes
Subordinate Debt
Permitted (mezz debt/equity, preferred equity)
Key U/W Metrics
Stabilized debt yield typically in range of 8-13%*
Loan Servicing
Mesirow' dedicated loan servicing program
- Distribution and depth of market coverage
- Distributed across multiple segments of the marketplace (PP, CMBS, CML)
- Packaging the underlying credit story behind the rent roll
- Ability to provide liquidity / balance heet access when needed
How is Mesirow’s PSAB different from that of CMBS? Other PSAB?
Deal size, collaboration, transparency and post-closing experience are the key distinguishing factors.
Does Mesirow provide liquidity on these undertakings?
Yes, Mesirow is able to provide liquidity both vertically and horizontally. Customarily Mesirow will buy the first loss / risk retention piece but in many instances may participate in other tranches as well.
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“Mesirow’s PSAB vertical offers borrower clients a unique approach to SASB financing centered around high touchpoint, transparency and customization”
Andrew Minkus, Senior Managing Director