Benefit Street Partners announced the closing of BSPDF 2026-FL3, a $1.1 billion managed commercial real estate collateralized loan obligation (CRE CLO). The transaction settled on March 12, 2026 and represents the second CLO issued from the firm’s Opportunistic Debt Fund II.
The vehicle includes a 30-month reinvestment period and was structured with a 180-day ramp-up acquisition period. It launched with an initial advance rate of 88.625% and a weighted average interest cost of 1M CME Term SOFR plus 1.68% before accounting for transaction costs.
The collateral pool underlying the CLO includes significant exposure to multifamily properties along with a diverse mix of other real estate assets. According to the company, strong investor demand for the transaction reflected confidence in the quality and diversification of the underlying portfolio as well as the firm’s broader real estate credit platform.
J.P. Morgan Securities served as the sole structuring agent for the transaction. Atlas SP Securities, a division of Apollo Global Securities, Barclays Capital, Citigroup Global Markets and Wells Fargo Securities acted as co-lead managers and joint bookrunners.
Benefit Street Partners is an alternative credit-focused asset manager with $92 billion in assets under management, including Apera. The firm operates as a wholly owned subsidiary of Franklin Templeton and invests across private debt, real estate debt, structured credit and liquid loans globally.
KEY QUOTE:
“We are pleased with the strong investor demand for this $1.1 billion CRE CLO, the second CLO issued from our Opportunistic Debt Fund II. The transaction reflects the quality and diversity of the collateral pool, where significant multifamily exposure and a broad property mix resonated with investors and highlight the strength of our real estate credit platform.”
Michael Comparato, Head Of Commercial Real Estate At Benefit Street Partners
