Briefs from Bellwether Enterprise, NYLREI, Freddie Mac

Bellwether Enterprise Opens New Phoenix Office, Expands in California

Bellwether Enterprise Real Estate Capital LLC, Cleveland, opened new offices in Phoenix, Ariz. and La Jolla, Calif.

“Demand for multifamily housing, affordable and workforce housing and manufactured housing remains strong in the western region, and there is increasing need for mortgage banking firms that cater to the individual needs of investors,” said Bellwether Enterprise President Ned Huffman.

The expansion includes a team led by Charlie Williams, Executive Vice President in the Phoenix office. Williams most recently served as senior managing director at Berkadia, where he was responsible for originating debt and equity investments on all commercial property types.

The expansion is expected to add more than $1.5 billion in loan volume over the next twelve months.

New York Life Real Estate Investors Closes Madison Square Structured Debt Fund

New York Life Real Estate Investors, New York, closed its Madison Square Structured Debt Fund, a commingled, high-yield real estate debt vehicle, with nearly $500 million of committed capital.

The closed-end fund will originate bridge loans collateralized by institutional-quality office, multifamily, industrial, retail and other niche sector assets in primary and secondary markets in the United States. NYLREI said the vehicle will originate roughly $1 billion of senior bridge loans in total.

NYLREI Head of Structured Debt John Lippmann serves as the portfolio manager for the fund. He and his team have originated nearly $5 billion of structured loans since 2012.

Freddie Mac Prices $363 Million Multifamily Small Balance Loan Securitization

Freddie Mac, McLean, Va., priced a multifamily mortgage-backed securitization backed by small-balance loans underwritten by Freddie Mac and issued by a third-party trust. The company said it expects to issue $363 million in SB Certificates that should settle on or about November 20, 2020. Freddie Mac Small Balance Loans generally range from $1 million to $7.5 million and are generally backed by properties with five or more units. This is the eleventh SB Certificate transaction in 2020.