Cressida Capital arranges multifamily and CMBS financing from $1M to $75M, connecting stabilized property owners with life companies, conduit lenders, and agency programs for competitive, often non-recourse, long-term debt.
Owners of stabilized multifamily or commercial properties looking to refinance or acquire with long-term, fixed-rate debt. Structuring this financing well means balancing loan term and guarantor requirements against property economics and investor goals \u2014 whether that ends up being a 5-year balloon, a 20-year fully amortizing life company loan, or a non-recourse 10-year fixed CMBS execution.
A CMBS (commercial mortgage-backed securities) loan is a fixed-rate, typically non-recourse loan that is pooled with other commercial mortgages and sold to investors as bonds. CMBS loans often offer competitive fixed rates and 10-year terms for stabilized properties.
Multifamily and CMBS financing arranged through Cressida Capital typically runs 70% to 80% LTV, depending on property stabilization, market, and sponsor strength.
Most CMBS loans are non-recourse to the borrower, aside from standard "bad boy" carve-outs for fraud or misrepresentation, which is a key reason sponsors choose CMBS over recourse bank debt.
CMBS loans typically include yield maintenance or defeasance provisions that make early prepayment costly. Loan structure should account for anticipated hold period before closing.