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Franklin BSP Realty Trust, Inc. Announces Closing of $235.0 Million Loan on The Elser Hotel & Residences
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Rhea-AI Summary
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) has successfully closed a $235 million loan to refinance The Elser Hotel & Residences, a 646-unit condominium hotel in Downtown Miami, Florida. The loan includes a $25 million mezzanine component provided by RMWC. FBRT's external manager, Benefit Street Partners, emphasizes the strategic nature of this investment, capitalizing on current market conditions. As of June 30, 2022, FBRT reports over $6.3 billion in assets, showcasing strong financial backing.
Positive
Closing of a $235 million loan enhances portfolio and liquidity.
The Elser Hotel is a Class A asset, strengthening FBRT's property holdings.
Strategic investment approach enables FBRT to adapt to market conditions.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced the closing of a $235 million loan facilitating the refinancing of The Elser Hotel & Residences (“The Elser”), a 646-unit condominium hotel located in Downtown Miami, Florida. RMWC, a private debt fund, provided a co-terminus mezzanine loan for $25 million at closing. The Class A asset was developed by Property Markets Group (“PMG”). PMG is a repeat client of RMWC and Benefit Street Partners L.L.C. (“BSP”), FBRT’s external manager.
Michael Comparato, Head of Commercial Real Estate for BSP, commented: “We have had an excellent relationship with both PMG and RMWC over the years and are excited to add this loan to our portfolio. Our financing of The Elser is an example of the strategic investing that FBRT is proactively seeking while the market for traditional, transitional rental properties goes through a re-pricing exercise. Our flexible balance sheet affords us the ability to take advantage of unique opportunities in the current market.”
About Franklin BSP Realty Trust, Inc.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) 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, 2022, FBRT had over $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.
About RMWC
RMWC is a New York-based private real estate lender that provides mortgages, mezzanine debt, and preferred equity capital to experienced commercial real estate owners and developers to meet their capital needs nationwide. RMWC is an SEC Registered Investment Adviser. As of June 30, 2022, RMWC had over $520MM of discretionary capital. For more information, please visit www.RMWC.com.
About Property Markets Group
Founded in 1991, Property Markets Group (PMG) is a national investment, development, and asset management firm focused on large scale multifamily and condominium projects. PMG’s current projects total more than 8,500 residential units and over 16 million square feet of development. For more information, please visit www.propertymg.com.
Forward-Looking Statements
This communication includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as “will,” “should,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. Similarly, statements herein that describe management’s beliefs, intentions or goals also are forward-looking statements. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of the Company or the price of FBRT stock. These forward-looking statements involve certain risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those indicated in 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.
Our 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, 2021 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.
