A number of lenders are offering what is being called the “stretch” mortgage—a hybrid senior mortgage and mezzanine loan that goes up to about 85% of a deal’s capital structure. The structure, while not a new one, is becoming more popular due to greater competition among lenders that is driving down yields. “The stretch mortgage is not a novel concept,” said Matt Galligan, president of CIT Real Estate Finance. “It’s back to the....

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