Real Estate Forum - October 2015

craft solutions that meet their needs also played a part. Sometimes these solutions are put together on the fly.

Huebscher tells of one client that had an agency deal in progress, but because of backup at the GSE, it didn’t look like it would close on time. Capital One provided financing for the transaction until the agency loan came through. “We are not so much product driven but rather focused on listening to our clients’ needs,” she says.

Another company eager to tap the opportunity in middle-market CRE lending is Los Angeles-based DoubleLine Capital. It formed a partnership with local CRE lender Thorofare Capital to originate, underwrite and service middle-market commercial real estate bridge loans for DoubleLine Opportunistic CRE Debt Strategy clients.

DoubleLine will buy longer-term loans
that Thorofare will originate under the
platform, complementing its existing array
of shorter-term, higher-rate financing
products, according to Thorofare CEO
Kevin Miller. The goal is to originate as
much as DoubleLine can eat.

Boise, ID-based A10 Capital is another middle-market loan provider that received a recent infusion from an institutional investor, in this case its pre-existing backers BlackRock and THL Credit, which provided a significant follow-on investment recently. The amount, which was not revealed, will be used to grow A10’s loan origination platform and on-balance sheet loan portfolio.

A10 is a balance sheet lender; to post significant growth it would need this additional investment or, at least, access to secondary markets. As it happens, there are a surprising number of bridge lenders that do have their own CMBS platforms—a very helpful component to their operations, especially as appetite for CMBS in general continues to grow post recession.

New York City-based Cantor Fitzgerald is one example. In 2011, as the industry was struggling back from the abyss after the market’s crash, it issued $634.5 million in commercial mortgage pass-through securities, backed by loans originated by Cantor Commercial Real Estate. It was the first time in almost a decade that a new

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