Bridger Closes CMBS Loan Securitization

MILL VALLEY, CA-Mill Valley based-Bridger Commercial Funding has closed its third loan securitization this year, participating in the largest commercial mortgage-backed securities pool to come to market since 1999.

The pool consists of 143 properties located in 31 states, with the highest concentrations in the states of California, Florida, Virginia, and Texas. The pool includes 118 conventional fixed-rate mortgage loans secured by liens on 143 properties, including multifamily, anchored retail, office, industrial, manufactured housing, land, unanchored retail, self-storage, and theater.

Bridger Commercial, which assists commercial banks in pricing, underwriting and closing CMBS loans, contributed approximately 10.5% of the loans for the $1.7 billion “Banc of America Commercial Mortgage Inc., 2002-2″ offering. Bank of America, Prudential Mortgage Capital and Bridger Commercial Funding originated the loans.

“The frequency with which Bridger has securitized loans this year gives us extremely valuable, current market diagnostics, which we immediately share with our clients,” says Bob Schonefeld, CEO of Bridger. “In turn, this guidance helps them zero in on originating loans that can clear today’s secondary market. CMBS credit standards have tightened this year in lockstep with tighter economic conditions, so it becomes particularly imperative for a conduit to provide timely secondary market perspectives to its clients as Bridger has done.”