Benefit Street Partners, the credit arm of private equity firm ProvidenceEquity, is tapping the securitization market to finance 25 retail, office, industrial, and multifamily properties that are being redeveloped.

This type of financing is becoming increasingly common as the commercial real estate market starts to cool, prompting landlords to fix up or repurpose buildings. But the lending is primarily being done by banks and insurance companies that keep the loans on balance sheet. Investment funds like Benefit Street Partners play a smaller role, which is why these kinds of securitizations are still relatively rare.

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