Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) today announced the closing of a $1.135 billion commercial mortgage collateralized loan obligation (“CRE CLO”) transaction.
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.
The transaction, issued by Ready Capital Mortgage Financing 2022-FL8, LLC (“RCMF FL8”), represents the Company’s eighth CRE CLO since inception and largest CRE CLO to date, with the Company’s total CRE CLO issuance backed by approximately $4.4 billion of collateral UPB, combined. The transaction was met with demand from 27 unique investors and provides the company with non-recourse, non-mark to market, term financing.
RCMF 2022-FL8 consists of 67 RC-originated first-lien floating rate loans secured by 89 properties across the United States. The portfolio includes mortgage loans primarily secured by multifamily (92.7%), and industrial (7.3%) properties across 21 states.
The 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, Performance Trust Capital Partners LLC and Piper Sandler & Co as co-managers.
Click here to read the full press release: https://ir.readycapital.com/investor-relations/News/news-details/2022/Ready-Capital-Corporation-Announces-Closing-of-RCMF-2022-FL8-a-Securitization-of-1.135-Billion-in-Bridge-Loans/default.aspx