Franklin BSP Realty Trust announced the closing of BSPRT 2024-FL11 (FL11), a $1.024 billion managed Commercial Real Estate Collateralized Loan Obligation. FL11 has a 36-month reinvestment period and includes a $100 million all-multifamily 180-day ramp-up acquisition period.
The deal has an initial advance rate of 86.5% and a weighted average interest rate of 1M CME Term SOFR+1.99% before accounting for discount and transaction costs.
Franklin BSP Realty Trust is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties based in the US. As of June 30, 2024, FBRT had about $6.3 billion of assets. And FBRT is externally managed by Benefit Street Partners, a wholly owned subsidiary of Franklin Resources.
Barclays Capital served as sole structuring agent. And J.P. Morgan Securities LLC and Wells Fargo Securities LLC served as co-lead managers and joint bookrunners.
KEY QUOTE:
“We are excited to announce the successful closing of FL11. Year-to-date, FBRT has been very active originating loans in the middle market, with a meaningful amount of those originations included in the FL11 collateral pool. Strong investor interest led to significant oversubscription across all bond classes, and we are very appreciative of the continued support of our offerings by some of the largest institutional investors in the world.”
-Michael Comparato, President of FBRT
