At a glance
- The financing is Byline Bank's fourth with The Schirm Firm, a family-owned real estate company, Connect CRE reported Oct. 27; rate and term were not disclosed.
- For allocators comparing real estate credit strategies, the due-diligence question is how much of a manager's pipeline is repeat-sponsor business and whether that mix shows up in reported yield.
- The $17.5 million loan is smaller than the $20.25 million term loan Byline closed on Stockbridge's South Bay industrial outdoor storage portfolio, as Private Wealth Daily previously reported.
Byline Bank's Commercial Real Estate Group provided a $17.5 million term loan to The Schirm Firm for its acquisition of Trotters Park, a multifamily property at 720 Michigan Avenue in Columbus, Ohio.
The financing is Byline Bank's fourth with The Schirm Firm, a family-owned real estate company, Connect CRE reported Oct. 27; rate and term were not disclosed.
For allocators comparing real estate credit strategies, the due-diligence question is how much of a manager's pipeline is repeat-sponsor business and whether that mix shows up in reported yield.
The $17.5 million loan is smaller than the $20.25 million term loan Byline closed on Stockbridge's South Bay industrial outdoor storage portfolio, as Private Wealth Daily previously reported. Trotters Park sits in an infill pocket between downtown Columbus and Ohio State University, Connect CRE reported.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections