A/B Tranching of Commercial Real Estate â Secured Loans: An ...
A/B Tranching of Commercial Real Estate â Secured Loans: An ...
A/B Tranching of Commercial Real Estate â Secured Loans: An ...
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A/B <strong>Tranching</strong> <strong>of</strong> <strong>Commercial</strong> <strong>Real</strong> <strong>Estate</strong> –<br />
<strong>Secured</strong> <strong>Loans</strong><br />
A/B Note Structure – Syndicated Loan<br />
(single mortgage securing an A note and a B note)<br />
Administrative Agent<br />
for Noteholders*<br />
A Noteholder<br />
Co-Lender Agreement<br />
Borrower Sponsor<br />
Borrower/<br />
Owner (SPE)<br />
B Noteholder<br />
Property<br />
*Could be A Noteholder or B Noteholder<br />
4
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