NEW YORK, March 10, 2022 /PRNewswire/ -- 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.
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
