Franklin BSP Realty Trust Closes $1.024B CRE CLO
Franklin BSP Realty Trust, Inc. announced the closing of a $1.024 billion managed commercial real estate collateralized loan obligation (CLO), BSPRT 2024-FL11. The CRE CLO features a 36-month reinvestment period and includes a $100 million, all multifamily 180-day ramp-up acquisition period.
The transaction 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.
“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,” said Michael Comparato, President of FBRT. “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.”
Barclays Capital Inc. served as sole structuring agent. J.P. Morgan Securities LLC and Wells Fargo Securities LLC served as co-lead managers and joint bookrunners.
FBRT had approximately $6.3 billion of assets as of June 30, 2024. The company is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc.