‍Mesirow, an independent, employee-owned financial services firm, today announced the launch of its Single-Asset Single-Borrower (SASB) platform, marking a strong debut with two transactions completed in 2024. 

Mesirow's innovative SASB (Single Asset Single Borrower) financing platform is designed to address the evolving needs of sponsors in today's challenging debt capital markets environment by providing access to the highly liquid and efficient CMBS (Commercial Mortgage-Backed Securities) markets, while also delivering customized solutions traditionally reserved for larger issuers. Mesirow's SASB platform caters to transactions starting at $50 million, offering flexibility, competitive pricing, and a bespoke approach that aligns with a sponsor?s unique business plan.

"Historically, the SASB market's ability to provide customized financing has been limited to larger issuers," said Nat Sager, President and Head of Strategy of Mesirow Capital Markets. "Mesirow's platform redefines this dynamic by extending SASB execution to smaller transaction sizes while maintaining the exceptional level of customization and efficiency sponsors have come to expect."

Additionally, Mesirow continues its role post-closing as an Administrative Agent, facilitating post-close borrower dialogue with certificate holders in the securitization trust through its Loan Servicing platform. This service mirrors the relationship management sponsors typically experience in syndicated bank transactions.

Mesirow's early success is demonstrated by two notable transactions:

• $115 million financing for Legends Outlets, a high-profile retail destination
• $45 million financing for Reunion Resort, a premier golf and country club

These deals showcase Mesirow's distinct advantages in the SASB space, including:

• Commitment to smaller SASB transactions, with deals starting at $50 million while maintaining institutional-quality execution.
• Balance sheet support, with Mesirow taking the first-loss position on both deals, ensuring execution certainty and alignment with investors.
• Bank-like execution through in-house servicing, providing a high-touch, relationship-driven experience similar to syndicated bank financing.
• Institutional bond distribution, with Mesirow's Institutional Sales & Trading (IS&T) team successfully placing 100% of the bonds.

"As demand for highly tailored real estate financing solutions continues to grow, our SASB platform enables us to deliver bespoke capital solutions that address both immediate and long-term strategic needs," said Andrew Minkus, Senior Managing Director and Co-Head of Mesirow CTL and Structured Debt Products. "By integrating balance sheet risk, in-house servicing, and a fully distributed capital markets approach, we are redefining SASB execution for the middle market."

Mesirow SASB Key Differentiators: 

• Smaller Minimum Loan Sizes: While most SASB transactions focus on larger deals, Mesirow's platform begins at $50 million, with no maximum size limitation.
• 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.
• Flexible Terms: Offers shorter-term transactions and prepayment flexibility, including early borrower call options at par inside the final loan maturity.
• Loan Servicing Platform: Mesirow serves as an Administrative Agent post-closing, coordinating borrower dialogue with certificate holders in the securitization trust.
• Customized Financing: Unlike traditional conduits or debt funds, Mesirow's SASB platform allows for tailored solutions around a sponsor's business plan.
• 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.

To support the growth of its SASB platform, Mesirow is investing meaningfully in new talent, including the addition of key hires such as Thomas Chang and Simon Mui, two seasoned capital markets professionals with over 20 years of experience in commercial mortgage-backed securities. Their expertise strengthens Mesirow's ability to structure and execute complex transactions.

To learn more about Mesirow CTL and Structured Debt Products, visit mesirow.com.