Private Single Asset & Borrower Financing

Highly customizable set of solutions structured around conventional mortgage capital needs.

Private Single Asset & Borrower Financing (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.

Property Types

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)

Program Notes

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

Mesirow Advantage

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

FAQ

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.