May 2, 2022
Cross River and Bridgeton Capital Partner for Tech-Driven Commercial Real Estate Lending Platform
Closed-loop lending program will modernize Commercial Real Estate industry
FORT LEE, N.J. - 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.”
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