BrightSpire Capital Announces Pricing of $675 Million BRSP 2024-FL2 Commercial Real Estate CLO and the Redemption of CLNC 2019-FL1
BrightSpire Capital (NYSE: BRSP) has announced the pricing of a $675 million Commercial Real Estate Collateralized Loan Obligation (CLO) named BRSP 2024-FL2. The transaction, set to close on August 15, 2024, is backed by 22 first-lien floating-rate mortgages secured by 25 properties across 9 states. The CLO features an 86.50% initial advance rate and a weighted average coupon of Term SOFR+2.47% at issuance.
The asset collateral primarily consists of multifamily properties (74.3%), with mixed-use, hospitality, office, and industrial properties making up the remainder. The structure includes a two-year reinvestment period and $85 million in available proceeds for a six-month ramp-up period. Moody's and Fitch have assigned top ratings to the senior certificates.
Additionally, BrightSpire Capital announced the redemption of its CLNC 2019-FL1 securitization on August 19, 2024.
BrightSpire Capital (NYSE: BRSP) ha annunciato il prezzo di un Collateralized Loan Obligation (CLO) da 675 milioni di dollari per il mercato immobiliare commerciale denominato BRSP 2024-FL2. La transazione, che sarà conclusa il 15 agosto 2024, è garantita da 22 mutui a tasso variabile di primo grado su 25 proprietà distribuite in 9 stati. Il CLO presenta un tasso di anticipo iniziale dell'86,50% e un tasso medio ponderato di Term SOFR+2,47% all'emissione.
Il collaterale degli asset consiste principalmente in proprietà multifamiliari (74,3%), mentre il resto è composto da proprietà a uso misto, ricettive, uffici e industriali. La struttura include un periodo di reinvestimento di due anni e 85 milioni di dollari di proventi disponibili per un periodo di accumulo di sei mesi. Moody's e Fitch hanno assegnato valutazioni elevate ai certificati senior.
Inoltre, BrightSpire Capital ha annunciato il rimborso della sua cartolarizzazione CLNC 2019-FL1 il 19 agosto 2024.
BrightSpire Capital (NYSE: BRSP) ha anunciado el precio de un Collateralized Loan Obligation (CLO) de $675 millones para bienes raíces comerciales llamado BRSP 2024-FL2. La transacción, que se cerrará el 15 de agosto de 2024, está respaldada por 22 hipotecas de primer gravamen a tasa variable aseguradas por 25 propiedades en 9 estados. El CLO presenta un tasa de avance inicial del 86,50% y un cupón promedio ponderado de Term SOFR + 2,47% al momento de la emisión.
El colateral de los activos consiste principalmente en propiedades multifamiliares (74,3%), y el resto está formado por propiedades de uso mixto, hoteleras, de oficina e industriales. La estructura incluye un período de reinversión de dos años y $85 millones en ingresos disponibles para un período de seis meses de inicio. Moody's y Fitch han asignado las mejores calificaciones a los certificados senior.
Además, BrightSpire Capital anunció el reembolso de su titulización CLNC 2019-FL1 el 19 de agosto de 2024.
브라이트스파이어 캐피탈 (NYSE: BRSP)은 6억 7,500만 달러 규모의 상업용 부동산 담보 대출 의무 (CLO)를 'BRSP 2024-FL2'라는 이름으로 가격을 발표했습니다. 이 거래는 2024년 8월 15일에 마감될 예정이며, 9개 주에 걸쳐 25개 부동산에 담보된 22건의 1순위 변동금리 모기지로 뒷받침됩니다. CLO는 86.50%의 초기 선진 비율과 발행 시 기준 SOFR+2.47%의 가중 평균 수익률을 특징으로 합니다.
담보 자산은 주로 다세대 주택 (74.3%)으로 구성되어 있으며, 나머지는 복합 용도, 환대, 사무실 및 산업 부동산으로 구성되어 있습니다. 구조는 2년의 재투자 기간과 6개월의 준비 기간 동안 8,500만 달러의 가능한 수익을 포함합니다. 무디스와 피치는 선급 인증서에 최고 등급을 부여했습니다.
또한 브라이트스파이어 캐피탈은 2024년 8월 19일에 CLNC 2019-FL1 증권화의 상환을 발표했습니다.
BrightSpire Capital (NYSE: BRSP) a annoncé le prix d'une obligation de prêt garantie par des actifs (CLO) de 675 millions de dollars pour l'immobilier commercial nommée BRSP 2024-FL2. La transaction, qui devrait être finalisée le 15 août 2024, est soutenue par 22 prêts immobiliers à taux variable de premier rang garantis par 25 propriétés réparties dans 9 États. Le CLO présente un taux d'avance initial de 86,50% et un coupon moyen pondéré de Term SOFR + 2,47% lors de l'émission.
Les actifs collatéraux consistent principalement en propriétés multifamiliales (74,3%), le reste étant constitué de biens à usage mixte, d'hôtels, de bureaux et de propriétés industrielles. La structure comprend une période de réinvestissement de deux ans et 85 millions de dollars de produits disponibles pour une période de montée en charge de six mois. Moody's et Fitch ont attribué les meilleures notes aux certificats seniors.
De plus, BrightSpire Capital a annoncé le remboursement de sa titrisation CLNC 2019-FL1 le 19 août 2024.
BrightSpire Capital (NYSE: BRSP) hat die Preisgestaltung für eine Collateralized Loan Obligation (CLO) über 675 Millionen US-Dollar im Bereich Gewerbeimmobilien mit dem Namen BRSP 2024-FL2 bekannt gegeben. Die Transaktion, die am 15. August 2024 abgeschlossen werden soll, wird durch 22 erste Grundpfandhypotheken mit variablen Zinssätzen gesichert, die sich auf 25 Immobilien in 9 Bundesstaaten verteilen. Die CLO weist eine anfängliche Beleihungsquote von 86,50% und einen gewichteten durchschnittlichen Kupon von Term SOFR + 2,47% bei der Emission auf.
Die Vermögenswerte bestehen hauptsächlich aus Mehrfamilienhäusern (74,3%), während gemischt genutzte, Hotel-, Büro- und Industrieimmobilien den Rest ausmachen. Die Struktur beinhaltet eine zwei-jährige Reinvestitionsphase und 85 Millionen US-Dollar an verfügbaren Erlösen für einen sechsmonatigen Vorlaufzeitraum. Moody's und Fitch haben den Senior-Zertifikaten die besten Ratings zugewiesen.
Zusätzlich hat BrightSpire Capital die Rückzahlung ihrer CLNC 2019-FL1-Verbriefung für den 19. August 2024 angekündigt.
- Successful pricing of a $675 million Commercial Real Estate CLO
- 86.50% initial advance rate, indicating strong leverage
- Diversified asset collateral across multiple property types and states
- Top ratings (Aaa/AAA) assigned to senior certificates by Moody's and Fitch
- Two-year reinvestment period and $85 million available for new investments
- Non-recourse, non mark-to-market, match term financing structure
- None.
Insights
BrightSpire Capital's pricing of a
The composition of the CLO's asset collateral provides insights into BrightSpire's market focus and strategy. The heavy concentration in multifamily properties (
This CLO transaction showcases BrightSpire Capital's strategic financial management. By securing non-recourse, non-mark-to-market, match-term financing, the company reduces its risk profile and enhances financial flexibility. The involvement of major financial institutions as co-lead managers suggests strong market relationships. The company's pivot towards new loan originations, backed by this CLO's liquidity, indicates a growth-oriented strategy. For investors, this move potentially signals improved earnings capacity and risk management. However, the success of this strategy depends on the company's ability to deploy capital effectively in a competitive lending environment. The redemption of the 2019 securitization alongside this new issuance demonstrates active balance sheet management, which could optimize the company's financial structure. Investors should monitor the company's loan origination volume and quality in coming quarters to gauge the success of this strategy.
The asset collateral is located across 9 states and primarily consists of multifamily properties (
Moody's Investor Service, Inc. and Fitch Ratings, Inc. assigned a “Aaa” and “AAA” rating, respectively, to the seniormost certificates, with Fitch Ratings, Inc. providing ratings to the remaining classes of the transaction.
“The successful execution of our third managed CRE CLO evidences the strength of the platform and business strategy. The transaction was well received by a broad base of investors. We look forward to investing the liquidity generated from the transaction in new loan originations opportunities,” highlighted Andy Witt, President and Chief Operating Officer of BrightSpire Capital.
Matthew Heslin, Chief Credit Officer and Head of Debt Capital Markets at BrightSpire Capital, added, “This transaction further diversifies our funding sources, while generating valuable liquidity and providing additional non-recourse, non mark-to-market, match term financing; the transaction serves as a cornerstone as we pivot toward deploying capital through new loan originations. As a seasoned and respected issuer and collateral manager, CRE CLOs will continue to be an important financing source for our business moving forward.”
Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC acted as co-structuring agents. Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, Barclays Capital Inc. and Citigroup Global Markets Inc. acted as co-lead managers and joint bookrunners.
The Company also announced it will redeem its CLNC 2019-FL1 securitization on August 19, 2024.
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 BrightSpire Capital, Inc.
BrightSpire Capital, Inc. (NYSE: BRSP), formerly Colony Credit Real Estate, Inc. (NYSE: CLNC), is one of the largest publicly traded commercial real estate (CRE) credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties predominantly in
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward- looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward- looking statement. Factors that could cause actual results to differ materially from BrightSpire Capital’s expectations include, but are not limited to, the ability to generate additional liquidity and repatriate such proceeds in senior mortgage loans; the ability to issue CRE CLO’s on a go forward basis, including at a reduced cost of capital. The foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as in BrightSpire Capital’s other filings with the
BrightSpire Capital cautions its investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. BrightSpire Capital is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and BrightSpire Capital does not intend to do so.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240809334712/en/
Investor Relations
BrightSpire Capital, Inc.
Addo Investor Relations
Anne McGuinness
310-829-5400
brsp@addo.com
Source: BrightSpire Capital, Inc.
FAQ
What is the size and name of BrightSpire Capital's new CLO?
When is the BRSP 2024-FL2 CLO scheduled to close?
What is the initial advance rate and weighted average coupon of the BRSP 2024-FL2 CLO?
What type of properties primarily make up the asset collateral for BRSP 2024-FL2?
When will BrightSpire Capital (BRSP) redeem its CLNC 2019-FL1 securitization?
