Berkadia Commercial Mortgage LLC has launched a new floating-rate commercial mortgage program. The program is available through Berkadia's nationwide loan origination network and will offer bridge loans to eligible borrowers seeking to acquire or reposition properties using nonrecourse commercial mortgage debt.
Berkadia will service the loans and seek to provide permanent financing upon stabilization of the properties' operations, the company says.
The product is funded using proprietary Berkadia capital. The loans will finance and recapitalize commercial properties in all the core commercial property types, including office, industrial, retail and multifamily. The nonrecourse bridge loans will be LIBOR-based, floating-rate commercial mortgages.
While the loan term is flexible, terms will typically be two to three years. The company plans to focus on middle-market lending opportunities, with typical loans ranging from $10 million to $20 million, but with the potential to do larger or smaller transactions, Berkadia explains.
SOURCE: Berkadia
