CRE CLO Securitization is the Company’s Sixth Since Ready Capital’s Inception
NEW YORK, September 2, 2021, Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) today announced the closing of a $652.5 million commercial mortgage collateralized loan obligation (“CRE CLO”) with the limited right to acquire all or part of $87.8 million in future funding participation interests.
Moody’s Investors Service, Inc. (“Moody’s”) and DBRS, Inc. (“DBRS Morningstar”) assigned a “Aaa(sf)” and “AAA(sf)” rating, respectively to the senior most certificates, with DBRS providing ratings to the remaining classes of the transaction.
With the closing of this CRE CLO, Ready Capital Mortgage Financing 2021-FL6, LLC (“RCMF 2021-FL6“), the Company has issued six CRE CLOs backed by a combined $2.45 billion of collateral UPB.
RCMF 2021-FL6 consists of 52 RC-originated floating rate loans secured by 55 properties across the United States. 100% of the loan balance in the portfolio represents loans that were originated after the pandemic had been declared in 2020 and the portfolio includes mortgage loans primarily secured by multifamily, with the addition of mixed-use and retail properties across 20 states.
“We have built on this year’s steady economic growth with a successful offering that now brings more than $1.5 billion closed across more than 70 loans through the first half of the year,” said Adam Zausmer, Chief Credit Officer. “We are seeing continued momentum so far in the third quarter as our team continues producing diversified structured financing solutions to our clients.”
The CRE CLO was arranged by a bank syndicate including J.P. Morgan as sole structuring agent and Credit Suisse and Deutsche Bank as co-lead managers with Piper Sandler as the co-manager.
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.
Ready Capital Corporation