CMBS

At 2.5 million square feet, The Franklin has a NOI of $45 million and a rating agency cap rate of 9.75%.

The securitization is backed by a 174,000-square-foot, 30-megawatt hyperscale data center in Elk Grove Village near Chicago.

The transaction's pool includes roughly 2.4 million square feet of office space, or 94.6% of the total, on the first through 60th floors.

The $665 million loan is secured by close to 4,000 multifamily units across five states. California properties account for over half of the portfolio's value.

The deal will raise about $175 million in securitized bonds, backed by a pool of residential investors loans (42.1%) and traditional small-balance commercial (SBC) mortgages.

The group is planting a flag for a new structured finance platform and real estate finance team in Miami and is expected to also strengthen Benesch's New York presence with two partners.

The data center is fully leased and is completely occupied by a single hyperscale tenant, which has an AA-' rating, under a long-term lease agreement.

The industry association said total multifamily mortgage debt alone increased by $23 billion, or 1% in Q1, representing a $2.32 trillion increase from Q4 2025.

Refinancing activity continues to build on last year's momentum, despite some divergence among property types.