A San Francisco-based commercial real estate conduit finished 2003 with milestone numbers.
Bridger Commercial Funding announced it originated over $400 million in commercial mortgage-backed securities (CMBS) loans in the past year -- the largest annual volume on record since its inception in 1998. December originations accounted for 23%, or $92 million, of 2003's total.
Loan production amounted to $250 million in 2002, said the company.
Since its founding, Bridger added, cumulative loan originations have surpassed the $1.5 billion mark.
"We enter 2004 with a remarkable sense of momentum, and are confident that we can deliver over $500 million in collateral in a number of transactions this year," said company executive Bob Schonefeld, in the announcement.
The San Francisco company says it focuses on originating CMBS loans through commercial banks and pointed out several factors will help achieve record-breaking production in 2004. Besides citing that its commercial real estate clients or banks are "extremely well positioned" to provide unique fixed-rate loans through its company, Bridger also attributed that the historically low Interest rates and strengthened refinancing demand, as the economy recovers this year, will aid in reaching the milestone.