ELMSFORD, N.Y. - Cityscape Corp. has completed the securitization and private placement of $100 million in mortgage passthrough certificates.
The certificates were offered in five tranches and are secured by a pool of nonconforming loans secured by one-to-four-family, mixed-use, and small multifamily properties.
"The size of this transaction and its inclusion of mixed-use and small multifamily mortgages demonstrates the broad acceptance of nonconforming loans in the capital market," said Robert Grosser, Cityscape president.
ContiFinancial Services Corp. and Bear, Stearns & Co. managed the offering. The portfolio will be serviced by Cityscape, a subsidiary of Cityscape Financial Corp.