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Mesmerized by Mezzanine

Published Tuesday, August 01, 2006

Mezzanine lending for commercial real estate is exploding. Origination volume of mezz loans, second mortgages and preferred equity deals skyrocketed 296% in 2005 to $12.84 billion, up from $3.24 billion the previous year. That's according to the Mortgage Bankers Association, which didn't even track the sector until 2004. Capital providers are flocking to this market. Of 79 lenders surveyed by the MBA, 31 completed second mortgages, mezz loans or preferred equity placements in 2005. Yet some pioneering firms in the mezz arena are giving second thought to this financing vehicle as the market becomes overheated. Charlotte, N.C.-based Mountain ...

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