Basis Investment Group Acquires B-Piece in $1B CMBS Pool

Basis, a national CRE investment firm, acquired the Controlling class and B Piece in the BANK5 2023-5YR1 CMBS— its fifth such transaction

NEW YORK–(BUSINESS WIRE)–BIG Real Estate BP II, LLC (an entity wholly owned by Basis Investment Group or “Basis”), a national commercial real estate investment platform, announced today that it acquired the B-piece in the BANK5 2023-5YR1 commercial mortgage-backed securities origination (the “Pool”). The Pool, totaling $1.025 billion is backed by 24 newly originated 5-year senior mortgage loans originated by Wells Fargo, Citibank, Morgan Stanley, and Bank of America and collateralized by 134 office, retail, multifamily, hospitality and self-storage properties throughout the U.S.

BANK5 2023-5YR1 marks the second CMBS conduit offering ever to come to market consisting fully of five-year loans. This shift from the typical CMBS duration of 10 years reflects the recent surge in borrower demand for shorter-term, fixed-rate debt in response to rising interest rates. Basis believes that the combination of pool metrics, collateral quality and yields make it a good time in the market to invest in these positions. B pieces are typically privately pre-placed through invitations to bid from loan sellers and access to entry is limited to a few select firms.

“The trillions securitized over the last two+ decades created a tremendous opportunity for a select group of B-piece investors. For many years, these coveted, high barrier-to-entry B piece opportunities were routinely only awarded to majority owned firms. I applaud the loan seller syndicate for continuing to recognize the “win-win” in opening up the field to allow qualified diverse owned investment firms to participate in these bids,” said Tammy K. Jones, CEO and Founder of Basis Investment Group. “Although we are on our fifth B piece, I remain proud that we blazed the trail to become the first ever African American and female owned investment firm to acquire a new issue B piece. We hope that our efforts and ability to execute will pave a pathway for other diverse owned firms.”

“We are thrilled to close on this investment and further establish our place in the CMBS B- piece market,” said Kunle Shoyombo, Chief Investment Officer. “As an entrepreneurial CRE investment and lending platform, Basis can be nimble and invest across the capital stack. We demonstrated this reach by not only acquiring the B piece in this deal, but also opportunistically acquiring the entire BBB- class and the majority of BBB class. The risk adjusted yields on the overall investment make this an attractive time to buy.”

Basis has extensive experience as both loan seller and B piece investor, which gives the team a very unique lens through which to invest. In addition, Basis has designated long term veterans, CW Capital, as special servicers for the portfolio. Basis has worked with CW Capital in the past and believes that their partnership is well positioned to manage this portfolio and hit the ground running once again.

About Basis Investment Group

Basis Investment Group is a diversified commercial real estate investment platform investing across the capital stack throughout the United States. With representation in New York, Chicago, Dallas, Tampa and Irvine, CA, Basis has successfully closed over $5 billion in transactions across multiple strategies, asset classes focusing across the US middle market.

Basis focuses primarily on investments in the middle market where it has deep relationships. The Firm is a certified minority and female owned business and a registered investment advisor that lends/invests in both debt and equity strategies including fixed rate senior mortgage loans, bridge loans, mezzanine loans, preferred equity, structured equity, JV equity and B-piece investments. Basis has a commitment to investing and lending on work force and affordable housing. The firm is also the only African American and female owned company to acquire both the Fannie Mae DUS and Freddie Mac Optigo Seller Servicer licenses.

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