An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Franklin BSP Realty Trust, Inc. Announces Closing of Five Loans Totaling $368.4 Million
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Franklin BSP Realty Trust (NYSE: FBRT) announced the closing of five first mortgage floating-rate bridge loans amounting to $368.4 million. These loans will facilitate the acquisition of 20 multifamily assets with a total of 2,899 units, primarily in North Carolina. The funding includes an initial advance of $327.5 million and future advances of $40.9 million for renovations. The loans have a two-year term with three one-year extension options. The company is focused on transitioning to a pure-play commercial mortgage REIT, with total capital commitments of approximately $5.8 billion.
Positive
Closed five mortgage loans totaling $368.4 million.
Facilitates acquisition of 20 multifamily assets, boosting portfolio.
Initial funding of $327.5 million supports growth.
Future renovation funds available amounting to $40.9 million.
Total capital commitments increased to approximately $5.8 billion.
Negative
None.
NEW YORK CITY--(BUSINESS WIRE)--
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced the closing of five separate, first mortgage floating-rate bridge loans totaling $368.4 million to facilitate the acquisition of twenty multifamily assets, totaling 2,899 units. Sixteen assets are in North Carolina, three assets are in South Carolina and one asset is in Oklahoma. The properties were acquired by various affiliates of GVA Real Estate Group (“GVA”).
An initial advance of $327.5 million was funded at closing with future advances of $40.9 million available for the borrower to implement renovations across the portfolio. The loans are structured with a two-year initial term and three one-year extension options, subject to the borrower meeting certain requirements.
Michael Comparato, Head of Commercial Real Estate for Benefit Street Partners L.L.C., the Company’s external manager, commented: “We continue to execute on our business plan of recycling capital out of residential ARMs inherited from the Capstead merger and into commercial real estate credits. These loans, totaling $368.4 million, represent the tenth transaction where BSP-managed vehicles have extended loans to affiliates of GVA. GVA is one of the top multifamily, value-add sponsors in the industry and we have had excellent experience with them over the years. Our loan book has increased to approximately $5.8 billion in total capital commitments, and we are making significant progress toward completing the transition into a pure-play commercial mortgage REIT.”
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 March 31, 2022, FBRT had over $7.1 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Templeton. For further information, please visit www.fbrtreit.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 our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and our 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.
