Cherrywood Commercial Lending, LLC Completes Its First Securitization
Diamond Bar, CA, June 30, 2016 (Newswire.com) - Cherrywood Commercial Lending, LLC (http://www.cherrywood.com), a premier nationwide small-balance commercial real estate mortgage lender has closed its first securitization backed by $112.4 million of first-lien, small-balance commercial real estate mortgage loans. DBRS, Inc. (“DBRS”) assigned "AAA (sf)" ratings to the senior-most fixed rate and floating rate certificates.
Ocwen Loan Servicing, LLC is the Servicer, as well as the Special Servicer of the mortgage loans. Nomura Securities International, Inc. served as initial purchaser of the offered securities, which were placed with institutional investors.
"Cherrywood is very pleased to have completed our first securitization of small-balance commercial real estate mortgage loans and we expect to regularly access the capital markets for our long-term funding needs," said William K. Komperda, Cherrywood’s Chief Executive Officer.
The mortgage pool underlying the securities consists of 151 small-balance commercial real estate mortgage loans. Approximately 92% of the loans are secured by multifamily, retail, mixed-use, and light industrial properties, and the balance consist of mobile home parks (3.69%), office (3.09%), warehouse (0.48%) and self-storage (0.35%) properties. The mortgage loans are hybrid mortgage loans that generally have an initial fixed interest rate term of five years, followed by a floating interest rate term and a mortgage rate based on 6-month LIBOR.
President and Chief Operating Officer Edward Resendez said "This is just the beginning for our origination platform. We are charging forward and expect to increase the volume of our current loan programs, as well as expand our programs and product offerings."
About Cherrywood Commercial Lending, LLC. Cherrywood Commercial Lending, LLC (http://www.cherrywood.com), headquartered in Diamond Bar, CA, is a non-bank, direct portfolio lender offering financing for small-balance commercial real estate properties nationwide. Available financing ranges from $200,000 to $5 million. Cherrywood was founded in 2013. For more information, visit http://www.cherrywood.com or call 800-819-4199.
Source: Cherrywood Commercial Lending, LLC