Our Focus: Delivering Value For Our Clients
- We provide our bank partners and institutional clients with innovative solutions to access liquidity and optimize balance sheets.
- Our strategies provide liquidity options that fit your unique needs including reducing capital reserve requirements and commercial real estate exposure.
- The experienced team specializes in commercial real estate-focused structured products. We have the expertise to assist with securitizations and risk transfers as well as to directly purchase mortgage loans—facilitating access to flexible, tailored solutions.
Experience
Commercial Real Estate-Focused Structured Products
Full Suite of Solutions
or Directly Purchase Mortgage Loans
Outsourced Service
by Providing a Comprehensive Service
Solutions We Offer
Highlighted Transactions
LOAN SELLER DESCRIPTION
Webster Bank (“Webster”) is a publicly traded commercial bank based in Stamford, Connecticut. The company has over $76.7 billion in assets (as of June 30, 2024). Webster’s Commercial Banking line-of-business provides financing alternatives for the purpose of acquiring, developing, constructing, improving or refinancing commercial real estate; primarily in the northeast and mid-Atlantic. Loan terms typically range from 3 to 10 years for amounts ranging from $5 million to $40 million. Financed commercial asset classes include apartments, industrial, grocery anchored retail, office, medical office, student housing and affordable housing. Webster’s multifamily portfolio makes up ~15.87% of total loans and leases included in held for sale and held for investment.
OVERVIEW OF DEAL STRUCTURE (PRICING DATE: 9/25/2024)
| Class | Initial Principal Balance or Notional Amount |
Pricing Spread | Weighted Average Life |
| A | $303,053,147 | J + 68 | 4.18 years |
| X | $303,053,147 | N/A | 4.18 years |
DEAL CHARACTERISTICS
| Collateral Type | Multifamily, Fixed Rate |
| Initial Underlying Pool Balance | $303,053,147 |
| Mortgage Loans / Properties | 19 / 31 |
| Rating Agencies | Not Rated |
| WA Original Maturity | 60 months |
| WA Gross Coupon | 6.14% |
| Call Protection | Declining Points |
| WA Underwritten DSCR | 1.37x |
| WA LTV | 63.1% |
| Waterfall Structure | Pro Rata |
| Geographies | NY, DE, FL, GA |
STRUCTURAL DIAGRAM
100% Guaranteed with Reimbursement Agreement1
- Single class of guaranteed certificates. Sponsor retains a first-loss position with a reimbursement obligation
- A reimbursement agreement between sponsor and Freddie Mac for any losses up to a certain percentage of the pool’s UPB
- Acceptable pledged collateral for the reimbursement agreement are securities (rated and marked-to-market), letter of credit (except in certain structures) or cash
LOAN SELLER DESCRIPTION
Cedar Rapids Bank & Trust (“CRBT”), established as a de novo bank in 2001, provides full relationship commercial and consumer banking and trust and asset management services. Their commercial real estate advisors offer nearly 40 years of combined industry experience and market area expertise. The bank’s business strategy continues to be focused on commercial lending, which remains the primary business for the bank with over 90% of its loan portfolio concentrated in commercial loans. CRBT provides financing options for new construction, office buildings, multifamily properties, retail and land development. CRBT’s Specialty Finance Group (SFG) specializes in financings related to low-income housing tax credits (LIHTC), structured bond products, and private placement municipal bonds. In 2023, CRBT was rated “Outstanding” by the Community Reinvestment Act Performance Evaluation. As of September 30, 2024, CRBT reported $2.6 billion of total assets.
OVERVIEW OF DEAL STRUCTURE (PRICING DATE: 11/20/2024)
| Class | Initial Principal Balance or Notional Amount |
Pricing Spread | Weighted Average Life |
| A | $138,500,000 | SOFR + 94 | 12.81 years |
| B | $18,887,407 | N/A | 13.09 years |
| X | $157,387,407 | N/A | 12.84 years |
DEAL CHARACTERISTICS
| Collateral Type | 9% LIHTC, Floating Rate |
| Initial Underlying Pool Balance | $157,387,407 |
| Mortgage Loans / Properties | 52 / 48 |
| Rating Agencies | Not Rated |
| WA Original Maturity | 190 months |
| WA Gross Coupon | 2.513% |
| Call Protection | N/A |
| WA Underwritten DSCR | 1.24x |
| WA LTV | 76.0% |
| Waterfall Structure | Pro Rata |
| Geographies | TX, TN, NC, OK, GA |
STRUCTURAL DIAGRAM
Senior & Subordinate Bond (A/B) 1
- The subordinate certificate(s) can be retained by the sponsor or sold to third parties
- Sponsor may elect to create unguaranteed mezzanine classes above first-loss tranche
- The Class X is an interest-only class and offered if there is excess interest available
2 For illustrative purposes only, class size do not reflect actual bond offering