DIAMOND BAR, Calif.,
June 30, 2016 /PRNewswire/
-- 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.
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SOURCE Cherrywood Commercial Lending, LLC