Berkadia Commercial Mortgage LLC, Horsham, Pa., has introduced a new floating-rate commercial mortgage loan program for loan originators nationally that enables borrowers seeking to acquire or reposition properties using non-recourse commercial mortgage debt.
The firm said that in addition to servicing these LIBOR-based bridge loans it will also seek to provide permanent financing “upon stabilization of properties’ operations.”
While loan terms are flexible, the firm said, loan terms will typically be two or three years.
It targets middle-market deals with loans that range from $10 million to $20 million but also is inclusive of larger and smaller transactions.
Qualifying commercial property types also vary including office, industrial retail and multifamily.
Executives said the focus is on “strong sponsors” seeking to finance high-quality properties as borrowers of these types of loans have limited financing opportunities “particularly for smaller balance loans.”
According to Berkadia such products are in high demand, which is why the special/master/primary servicer that currently manages a portfolio of about $214 billion pledged to fund the program with its own proprietary capital.
