Lender give money to borrower. Photo: create jobs 51/Shutterstock Commercial Real Estate Loan Transactions Involving Multiple Lenders: Part I—Syndications in Today's Market
This two-part series describes several significant features of and distinctions between the "syndicated" and "participated" real estate loan that are not commonly known or understood.
April 06, 2023 at 11:09 AM
13 minute read
Real Estate
The original version of this story was published on New York Law Journal
Larger commercial real estate mortgage loans are often originated by a group or "syndicate" of lending institutions that each contribute a portion of the overall loan proceeds and have been brought into the syndicate to share the benefits and risks of the loan. The loan is administered by an agent on behalf of the lender group, which agent generally has the relationship with the borrower and/or the largest stake in the loan. Sometimes the structure is a "loan syndication" and sometimes, instead, the lead lender sells "participation interests" in the loan. This two-part series describes several significant features of and distinctions between the "syndicated" and "participated" real estate loan that are not commonly known or understood.
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