Ready Capital Corporation Announces Pricing of RCMF 2021-FL7, a Securitization of $927.2 Million in Bridge Loans
NEW YORK, Nov. 15, 2021
NEW YORK, Nov. 15, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced the pricing of a $927.2 million commercial mortgage collateralized loan obligation ("CRE CLO") transaction with the limited right to acquire all or part of $135.2 million in future funding participation interests.
Moody’s Investor Service, Inc. ("Moody’s") and DBRS, Inc. ("DBRS") assigned a "AAA" rating, to the senior most certificates, with DBRS providing ratings to the remaining classes of the transaction.
Upon closing, the transaction, issued by Ready Capital Mortgage Financing 2021-FL7, LLC ("RCMF FL7"), will represent the Company’s seventh CRE CLO since inception and largest CRE CLO to date, with the Company’s total CRE CLO issuance backed by a combined $3.39 billion of collateral UPB. The transaction was met with significant demand from investors with approximately 45 unique accounts participating.
RCMF 2021-FL7 consists of 76 RC-originated floating rate loans secured by 89 properties across the United States. The portfolio includes mortgage loans primarily secured by multifamily (91.7%), and industrial (4.4%) properties across 22 states.
"The closing of RCMF 2021-FL7 marks the latest in a series of significant milestones for Ready Capital in 2021," said Tim Geraghty, Head of Capital Markets. "We’re very pleased with the execution and investor reception and eager to continue growing our CRE lending platform."
The pending CRE CLO was arranged by a bank syndicate including J.P. Morgan Securities LLC as sole structuring agent, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. as co-lead managers and Amherst Pierpont Securities LLC and Piper Sandler & Co as co-managers.
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 500 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.
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Ready Capital Corporation
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SOURCE Ready Capital Corporation
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Ready Capital Corp.
Symbol: RC
Exchange: NYSE
Founded: 2007 (17 years)
Type of REIT: Mortgage REIT
Listing Status: Public
Market Capitalization: Small-Cap
REIT Sector: Mortgage
Internally Managed REIT
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Last updated: 2024-12-21 - v1.3