FORT LEE, N.J.–(BUSINESS WIRE)–Cross River Bank (Cross River), a technology infrastructure provider that offers embedded financial solutions, today announced that its Commercial Real Estate (CRE) team has partnered with Erithmitic d/b/a Bridgeton Capital, a tech-enabled and data driven commercial real estate lending platform, for an end-to-end CRE marketplace for the sourcing, originating and risk allocating of CRE loans nationwide.
The partnership will provide borrowers and sellers with affordable credit opportunities on a wider geographical footprint and enables Cross River to expand into new markets. Cross River’s technology infrastructure, regulatory expertise and strong focus on consumer protection, combined with Bridgeton’s AI and machine learning capabilities, is the first step toward alleviating longstanding inefficiencies in the CRE value chain. Bridgeton Capital, which has been rapidly expanding since its launch in September 2021, is a tech-enabled lender and has modernized CRE lending, ensuring more accuracy and speed with data algorithms, artificial intelligence and machine learning. Both Companies will invest capital, with a focus on offering 12–24-month interest-only bridge financing on multifamily and commercial properties nationwide of between $5-$50 million.
“Cross River and Bridgeton’s combined, closed-loop CRE marketplace is unprecedented. Leveraging Bridgeton’s expertise and origination network will empower us to reach borrowers on a national scale, not only in primary lending markets, but also secondary and tertiary markets, and is opening the door to help provide more affordable housing and finance options nationwide in addition to the local businesses serving those markets,” said Shimon Eisikowicz, EVP, Chief Lending Officer at Cross River. “This is an opportunity to combine Cross River’s fintech DNA with our robust portfolio of CRE offerings and will ultimately pave the way for both Cross River and the real estate industry with an end-to-end CRE marketplace.”
“We look forward to growing the platform and our offerings with Bridgeton as we provide borrowers with a full suite of CRE services on a national scale,” said Josh Gurman, Director of CRE Underwriting and Processing at Cross River.
“Cross River and Bridgeton Capital are two best in class tech-enabled lending platforms,” said Solomon Garber, Chief Revenue Officer and Co-Founder, Bridgeton Capital. “We look to solve how loans are processed and underwritten, providing the commercial real estate market a more efficient solution to accessing capital.”
Atit Jariwala, Chief Executive Officer and Co-Founder continued: “This is only the first phase of our work together. Bridgeton Capital is excited to partner with Cross River on this initiative, the first of what we believe will be a large and growing partnership.”
About Cross River
Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, lending and crypto solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com.
About Cross River Commercial Lending
Cross River Bank’s Commercial Lending team provides a personalized approach in helping property owners, investors, brokers, and institutions identify the right commercial loan products. Utilizing its own balance sheet, coupled with a tech-enabled process, the team can often get the loan approved and closed in a more expeditious, user-friendly, and efficient manner. The Commercial Lending team is comprised of Commercial Real Estate, Lender Finance, and Healthcare Lending platforms.
The Commercial Real Estate (“CRE”) team originates and services portfolios of multi-family, retail, bridge, construction, and mixed-use commercial real estate loans, specializing in the New York, New Jersey, Connecticut, and northern Pennsylvania markets, with loan sizes ranging from $250,000 up to $80 million.
Additionally, on a more national scale, the Bank offers a unique Lender Finance platform, created to provide bank leverage for CRE bridge and private lenders. Cross River enables these lenders to maximize their profits by offering warehouse lines of up to $50 million per borrower. These custom-tailored lines can be used to finance the bridge and private lenders positions in their existing and growing portfolios. The Bank offers lenders an option of note-on-note financing as well. The loans are secured by bridge loans on commercial real estate properties across all fifty states.
Also on a national scale, the Bank’s Healthcare Lending platform provides financing for a variety of healthcare properties including, but not limited to, skilled nursing facilities, senior housing properties, hospitals, and behavioral health facilities as well as other healthcare businesses across the country, complementing Cross River’s existing portfolio of Commercial Lending offerings. Loan sizes range from $5 million to $80 million. For more information, please visit www.crossriver.com/commercial-lending and on LinkedIn.
About Bridgeton Capital/Erithmitic
Erithmitic (DBA Bridgeton Capital) is an AI/ML driven commercial real estate (CRE) lending platform. Founded in 2021 by a seasoned team of CRE mortgage lenders, technologists, and entrepreneurs, is on a mission to automate and scale how commercial loans are processed and underwritten using a data centric focus. Erithmitic strives to generate superior risk adjusted returns for its investors and strives to be recognized in the commercial brokerage and commercial real estate community as the #1 source of reliable capital. Bridgeton Capital provides $5 million to $75 million floating rate loans nation-wide across all major property types. For more information, please visit www.bridgetoncap.com and on LinkedIn.
Source: Businesswire.com
