Berkadia to Expand Products Offerings With Addition of CMBS Loans
Berkadia Commercial Mortgage is expanding the commercial real estate financing options offered through its nationwide mortgage banking network with the addition of a new product—fixed-rate loans for inclusion in the new generation of commercial mortgage-backed securities (CMBS). The new product, expected to be available at the beginning of 2011, will give Berkadia’s clients superior access to capital as they continue to benefit from mortgage banking expertise and service. Senior Vice President Joseph Franzetti will manage the fixed-rate loan origination program. Franzetti, formerly with Cohen Financial, joined Berkadia earlier this year to establish and manage the company’s relationships with capital markets lenders. “Berkadia’s fixed-rate loan program is unique in the market,” said Franzetti. “We are in discussions with potential capital markets partners, and Berkadia is poised to be the only mortgage banking firm providing proprietary capital for CMBS loans. This gives our clients the best of both worlds—access to the capital markets delivered by local mortgage bankers.” An additional option under development is a short-term floating-rate loan program to provide interim financing to select multifamily borrowers with pending Fannie Mae or Freddie Mac executions. The bridge loan program will be managed by Berkadia’s Agency Lending Group under the leadership of Executive Vice President John Cannon. “These programs are positive developments for our clients," said Cannon. "Following more than two years characterized by extremely limited financing options, Berkadia is pleased to provide additional choices.” For more information, visit www.berkadia.com.