Mesirow Launches Platform for Niche CRE Financing 

Mesirow has launched a new Single-Asset Single-Borrower (SASB) platform designed to provide commercial mortgage-backed securities (CMBS) financing for smaller transactions starting at $50 million. This move aims to fill a gap in the market for more tailored financing solutions for individual commercial properties. 

The SASB platform made significant strides in 2024 by completing two key transactions, including a $115 million financing package for Legends Outlets, a retail destination, and a $45 million deal for Reunion Resort, a golf and country club. 

“Historically, the SASB market’s ability to provide customized financing has been limited to larger issuers,” said Nat Sager, president and head of strategy of Mesirow Capital Markets. “Mesirow’s platform redefines this dynamic by extending SASB execution to smaller transaction sizes while maintaining the exceptional level of customization and efficiency sponsors have come to expect.” 

The platform offers several key features that differentiate it from traditional financing options, including balance sheet support for the transactions, which means the firm is willing to take on more risk by assuming first-loss positions, flexible terms including early borrower call options, and post-closing administrative services that closely mirror the types of services typically offered by traditional bank relationships. 

To support the platform’s growth, Chicago-based Mesirow has recruited industry veterans Thomas Chang and Simon Mui, both of whom bring over 20 years of experience in the CMBS market. 

The launch comes on the heels of the firm’s recent expansion in credit markets through its acquisition of Bastion Management, a specialty finance lender. 

Pictured l to r: Nat Sager, president and head of strategy of Mesirow Capital Markets and Andrew Minkus, senior managing director and co-head of Mesirow CTL and structured debt products