Single Asset Single Borrower Financing

Traditional CRE Mortgage

Financing structured as a traditional first mortgage, typically as an interest only instrument, either fixed or floating.

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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, $50mm – $500mm with capability to do $1b+

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Term

Typically, 3 – 10 years

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Product Types

Industrial, office, retail, mixed use, student housing, hospitality, self-storage, data centers multifamily, other alternative CRE asset types (case by case basis)

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Geography

Primary and major secondary markets

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Security

First mortgage on fee simple interest

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Pricing

Competitive to CMBS spreads

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Fixed/Floating

Both available

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Leverage

Up to 75%

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Amortization

Various (typically I/O or 30-year amortization)

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Prepayment

Customized per sponsor business plan (including early par call optionality)

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Early Rate lock

Available

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Rating Agency

Yes

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Subordinate Debt

Permitted (mezz debt/equity, preferred equity)

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Key U/W Metrics

Stabilized debt yield typically in range of 8–13%*

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Loan Servicing

Mesirow's dedicated loan servicing program

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Mesirow Risk Retention/Balance Sheet

In many instances, Mesirow will commit its balance sheet and often hold first loss positions. Mesirow may also offer to support additional tranches/classes as well in an effort to deliver execution certainty for the client.

• Industrial
• Data centers
• Office
• Retail
• Mixed use
• Student housing
• Multifamily
• Self-storage
• Other alternative CRE asset types (case by case)

Smaller Minimum Loan Sizes

‍While most SASB transactions focus on larger deals, Mesirow’s platform begins at $50 million, with no maximum size limitation.

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Balance Sheet Support‍

Mesirow deploys its balance sheet when necessary to support execution across the capital stack (including risk retention among other tranches as needed), ensuring certainty of execution.

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Flexible Terms‍

Offers shorter-term transactions and prepayment flexibility, including early borrower call options at par inside the final loan maturity.

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Loan Servicing Platform

‍Mesirow serves as an Administrative Agent post-closing, coordinating borrower dialogue with certificate holders in the securitization trust.

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Customized Financing‍

Unlike traditional conduits or debt funds, Mesirow’s SASB platform allows for tailored solutions around a sponsor’s business plan.

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Bond Distribution

‍Mesirow’s Institutional Sales & Trading (IS&T) team manages bond distribution, providing broad market reach and efficient execution on par with bulge-bracket firms.

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.

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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.