Single Asset Single Borrower Financing
Highly customizable set of solutions structured around conventional mortgage capital needs.
Single Asset Single Borrower Financing (SASB)
What is SASB?
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.
Size
Typically, $75mm - $500mm
Term
Typically, 3 – 10 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
Up to 75%
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
Mesirow Risk Retention/Balance Sheet
Mesirow will support and structure any RR with its balance sheet. It should also note that Mesirow will use its balance sheet to support other tranches/classes when needed.
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)
- 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 SASB different from that of CMBS? Other SASB?
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.
“Mesirow offers borrower clients a unique approach to SASB financing centered around high touchpoint, transparency and customization”
Andrew Minkus, Senior Managing Director
