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The borrower in the deal is American Lions, a joint venture between Fetner Properties and the Lions Group.
The global manager offers residential investors equity-like capital, lending around $40m per project.
A 25 basis point increase would be a rise in the Federal Funds target rate from its current level of 4.75-5% to 5-5.25%.
The Federal Deposit Investment Corp seized the bank and sold control of it to JPMorgan on May 1.
The Boston-based manager still sees difficulty lining up debt for most projects.
Berkadia on tap as originator as California manager targets mixed income and other affordable housing asset types.
The shift comes as borrowers and lenders think creatively about ways to finance transactions in a volatile market.
Should the CMBS market be used to resolve potential problems at regional banks, there are questions about how this could play out, however.
Invesco's Charlie Rose talks about why the niche is drawing more attention in the current market.
Bridging short-term cash shortages, this option can help borrowers buy time.