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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