Listen to this articleCross River Bank announced a milestone deal Dec. 8: a $288 million commercial mortgage-backed securities transaction.
The Fort Lee-based bank said the securitization converts a seasoned pool of commercial real estate loans into bonds purchased by a range of institutional investors, which Cross River says broadens its funding base and frees balance-sheet capacity to support continued loan origination.
“This transaction is a major step forward in our capital and funding strategy,” said Shimon Eisikowicz, executive vice president, chief lending officer, and head of the commercial banking group at Cross River. “It showcases our ability to originate, structure, and bring institutional-quality assets to market, while creating new avenues to support our clients and manage growth.”
The underlying loans were originated by Cross River’s Commercial Banking Group. The bank said the deal underscores its strategy to diversify funding and build consistent access to capital markets, strengthening liquidity and capital efficiency.
Cantor Fitzgerald served as the sole lead manager and bookrunner of the transaction. Greystone Structured Products served as advisor, and Cadwalader, Wickersham and Taft served as the issuer’s counsel. The senior tranches of the CMBS were rated AAA by Moody’s and Morningstar DBRS.
Cross River said such deals expand its role in the capital market arena – while executing on its broader strategic goal of a sustainable, diversified funding platform that supports future growth across its commercial lending businesses.
Bhavik Khatri, vice president of syndications at Cross River, said, “Diversification of funding is central to our long-term vision.”
