Basis Investment Group Buys B-Piece in $675M CMBS Pool
BIG Real Estate BP II, LLC, controlled by Basis Investment Group LLC, has acquired the B-piece in the BANK 2023-5YR2 CMBS transaction.
Worth $675.1 million, the CMBS conduit securitization is backed by 20 recently issued 5-year senior mortgages originated by Wells Fargo Bank, Morgan Stanley Mortgage Capital Holdings LLC, JPMorgan, and Bank of America, National Association. This offering, solely comprising five-year loans, is the second on the BANK-5YR shelf. Basis’s acquisition covers various Investment Grade and B-Piece classes.
“We believe that the combination of pool metrics, collateral quality and higher yields makes it an opportune time to invest in these positions and achieve above market risk-adjusted returns,” said Tammy K. Jones, CEO and founder of Basis Investment Group. “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.”
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.