Franklin BSP Realty Trust, Inc. Announces Closing of a $1.024 Billion CRE CLO
27 September 2024 - 6:15AM
Business Wire
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) today announced the
closing of BSPRT 2024-FL11 (“FL11”), a $1.024 billion managed
Commercial Real Estate Collateralized Loan Obligation. FL11
features a 36-month reinvestment period and includes a $100
million, all multifamily 180-day ramp-up acquisition period. The
transaction has an initial advance rate of 86.5% and a weighted
average interest rate of 1M CME Term SOFR+1.99% before accounting
for discount and transaction costs.
Michael Comparato, President of FBRT, commented: “We are excited
to announce the successful closing of FL11. Year-to-date, FBRT has
been very active originating loans in the middle market, with a
meaningful amount of those originations included in the FL11
collateral pool. Strong investor interest led to significant
oversubscription across all bond classes, and we are very
appreciative of the continued support of our offerings by some of
the largest institutional investors in the world.”
Barclays Capital Inc. served as sole structuring agent. J.P.
Morgan Securities LLC and Wells Fargo Securities LLC served as
co-lead managers and joint bookrunners.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Franklin BSP Realty Trust, Inc.
Franklin BSP Realty Trust, Inc. is a real estate investment
trust that originates, acquires and manages a diversified portfolio
of commercial real estate debt secured by properties located in the
United States. As of June 30, 2024, FBRT had approximately $6.3
billion of assets. FBRT is externally managed by Benefit Street
Partners L.L.C., a wholly owned subsidiary of Franklin Resources,
Inc. For further information, please visit www.fbrtreit.com.
Forward-Looking Statements
Certain statements included in this press release are
forward-looking statements. Those statements include statements
regarding the intent, belief or current expectations of FBRT and
members of our management team, as well as the assumptions on which
such statements are based, and generally are identified by the use
of words such as "may," "will," "seeks," "anticipates," "believes,"
"estimates," "expects," "plans," "intends," "should" or similar
expressions. Actual results may differ materially from those
contemplated by such forward-looking statements. Further,
forward-looking statements speak only as of the date they are made,
and we undertake no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over
time, unless required by law.
FBRT’s forward-looking statements are subject to various risks
and uncertainties, including but not limited to the risks and
important factors contained and identified in FBRT’s filings with
the Securities and Exchange Commission (“SEC”), including its
Annual Report on Form 10-K for the fiscal year ended December 31,
2023 and its subsequent filings with the SEC, any of which could
cause actual results to differ materially from the forward-looking
statements. The forward-looking statements included in this
communication are made only as of the date hereof.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240926367932/en/
Investor Relations Contact: Lindsey Crabbe
l.crabbe@benefitstreetpartners.com (214) 874-2339
Franklin BSP Realty (NYSE:FBRT)
Historical Stock Chart
From Oct 2024 to Nov 2024
Franklin BSP Realty (NYSE:FBRT)
Historical Stock Chart
From Nov 2023 to Nov 2024